July 23 (Reuters) - Newmont ( NEM ) beat analysts' estimate for second-quarter profit on Thursday, as higher gold prices helped counter lower production at the world's biggest gold miner.

Gold has rallied on steady safe-haven demand and hopes of U.S. interest rate cuts, although a stronger dollar and inflation fears fueled by oil price volatility amid the Iran war have occasionally limited gains. A higher gold price environment typically boosts miners' revenue and margins.

Prices of the yellow metal averaged $4,506.41 per ounce in the second quarter of 2026, up about 37% from a year earlier.

Newmont's ( NEM ) quarterly average realized price for gold was at $4,414 per ounce, compared with $3,320 per ounce a year ago.

Quarterly gold production, however, was at 1.29 million ounces, down from 1.48 million ounces a year earlier. Its shares fell 1% in extended trading.

On an adjusted basis, the company earned $2.10 per share for the quarter ended June 30, compared with analysts' average estimate of $1.99, according to data compiled by LSEG.