Updated version 1 - Driven by rising gold prices, Newmont's quarterly profit exceeded expectations

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Reuters, October 22 - Newmont (NEM.N) reported third-quarter profits on Thursday that exceeded analysts' expectations, as the world's largest gold miner benefited from a rise in gold prices.

Despite a stronger dollar and concerns over inflation triggered by rising oil prices during the U.S.-Iran conflict, gold prices XAU= remained at high levels.

In the third quarter of 2026, the average price of gold was $4,204.59 per ounce, up about 17.6% year-on-year.

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The average realized price of gold for the quarter was $4,317 per ounce, compared with $3,539 per ounce a year earlier.

However, Newmont’s gold production for the quarter fell to 1.3 million ounces from 1.42 million ounces a year ago.

According to data compiled by the London Stock Exchange Group (LSEG), in the quarter ended September 30, the company’s adjusted earnings per share were $2.20, while analysts on average had expected $2.05 per share.

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