(Reuters) – Canadian miner Barrick Gold Corp beat Wall Street expectations for first-quarter profit on Wednesday, as higher prices of the metal outweighed a decline in production.
Average prices of gold rose 7.8% and peaked over the $2,000-mark during the reported quarter on its appeal as a safe-haven asset following a banking crisis and fears of a potential recession.
The company’s average realized gold prices stood at $1,902 per ounce, compared with $1,876 per ounce a year earlier.
Barrick’s first-quarter gold production fell to 952,000 ounces from 990,000 ounces a year earlier. Its copper production stood at 88 million pounds, down from 101 million pounds a year earlier.
The miner took a hit as harsh winter impacted its northern Nevada operations and annual maintenance weighed on output at its Goldstrike mine.
The Toronto-based miner posted adjusted earnings of 14 cents per share for the quarter ended March 31, compared with analysts’ average estimate of 11 cents, according to Refinitiv IBES data.
(Reporting by Ankit Kumar; Editing by Shilpi Majumdar)