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(Reuters) – Barrick Gold Corp beat analysts’ expectations for second-quarter profit on Tuesday, as the Canadian gold miner benefited from higher prices of the precious metal.

Average prices of gold during the reported quarter rose 4.3% compared to last year, nearly touching an all-time high in May as U.S. banking concerns accelerated a rush to the safe-haven asset.

The company’s average realized gold prices stood at $1,972 per ounce, up from $1,861 per ounce a year earlier.

Meanwhile, all-in sustaining costs (AISC) for gold, a key industry metric that reflects total expenses associated with production, rose to $1,355 per ounce from $1,212 per ounce in the year-ago quarter.

Miners have been hurting from sticky inflation and high fuel prices after Russia’s invasion of Ukraine, along with labor shortages in the United States.

The Toronto-based miner posted adjusted earnings of 19 cents per share for the quarter ended June 30, while analysts on average had expected 17 cents, according to Refinitiv IBES.

(Reporting by Arshreet Singh; Editing by Shailesh Kuber)

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Barrick beats quarterly profit estimates on higher gold prices