Newmont beats fourth-quarter profit estimate on higher gold production, prices
Newmont's quarterly earnings exceeded analyst estimates as the company benefited from rising gold prices and increased production. Higher demand for gold, driven by uncertainties surrounding the U.S. presidential election and Middle East tensions, fueled a surge in bullion prices. Newmont's adjusted earnings per share rose to $1.40, up from analysts' average estimate of $1.08.
- The significant increase in gold prices highlights the vulnerability of commodity markets to geopolitical events and investor sentiment.
- How will this volatility impact the long-term sustainability of global mining operations and the profitability of companies like Newmont?