Newmont beats quarterly profit estimates on higher gold prices

Published: 2026-04-23 16:15:37 ET NEM

Published on 04/23/2026 at 04:15 pm EDT

April 23 (Reuters) - Newmont, the world's largest gold miner, beat Wall Street expectations for first-quarter profit on Thursday as higher bullion prices helped offset a drop in its production levels.

Gold prices hit record highs during the quarter on safe-haven demand and rate-cut bets, before easing after the U.S.-Israel conflict with Iran sparked a crude-led inflation scare, though prices stayed well above levels seen a year ago.

Prices of the yellow metal averaged $4,673.5 per ounce in the first quarter of 2026, up about 63% from a year earlier.

The quarterly average realized price for gold was at $4,900 per ounce, compared with $2,944 per ounce in the year-ago period.

Newmont's quarterly gold production was at 1.30 million ounces, compared with 1.54 million ounces over last year.

On an adjusted basis, the company earned $2.90 per share for the quarter ended March 31, compared with analysts' average estimate of $2.18 per share, according to data compiled by LSEG.

(Reporting by Sumit Saha in Bengaluru; Editing by Pooja Desai)