Newmont’s production in the third quarter was impacted by lower ore grades and planned maintenance at its Penasquito mine in Mexico.

Newmont NGT-T , the world’s largest gold miner, beat Wall Street estimates for third-quarter profit on Thursday as record-high gold prices helped offset a drop in its production levels.

Gold prices have repeatedly set new records this year as investors turned to the safe-haven asset amid the uncertainty triggered by U.S. President Donald Trump’s tariff policies and escalating geopolitical tensions.

Newmont said it realized an average gold price of US$3,539 per ounce in the three months ended Sept. 30, up from $2,518 a year earlier.

The price rally helped cushion a 15 per cent decline in gold output to 1.42 million ounces during the quarter.

The company

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