(Reuters) - Newmont ( NEM ) beat analysts' estimate for fourth-quarter profit on Thursday, as the world's biggest gold miner benefited from a rally in bullion prices.

Average price of gold has been rising over the past few quarters and hit multiple all-time highs during the October to December period, as uncertainties surrounding the U.S. presidential election and the Middle East tensions fueled demand for the safe-haven asset.

Newmont's ( NEM ) quarterly gold production was at 1.90 million ounces, compared with 1.74 million ounces a year earlier.

Quarterly average realized price for gold was at $2,643 per ounce, compared with $2,004 per ounce a year ago.

On an adjusted basis, the company earned $1.40 per share for the quarter ended December 31, compared with analysts' average estimate of $1.08 per share, according to data compiled by LSEG.