Gold prices remain firm amid record inflation and geopolitical uncertainty
Total revenue for Newmont Corporation (Newmont) increased 6.3% to $12.2 billion in 2021 alone. This marks three consecutive years of healthy top- and bottom-line growth for the company on account of soaring prices of gold and other precious metals. The prices of these materials have increased significantly since the outset of the COVID-19 pandemic, thriving on investment demand for precious metals amid an uncertain macroeconomic environment. The world price of gold hit a record high in 2021 before dipping as the economy pulled out of its slump. Prices have recently begun to heat back up amid concerns surrounding rampant inflation.
COVID|StructuralIn response to volatile demand in the wake of the first COVID-19 surge, the company undertook a comprehensive cost reduction program, aimed at shoring up labor and supply costs.
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