Shares in Barrick Gold Corp. (TSX:ABX, NYSE:GOLD) were firmer in premarket trading after the company reported a second-quarter profit that surpassed analysts' forecasts.
Buoyed by a 4.3% year-on-year rise in gold prices, EPS were 19 cents for the three months ended June 30, compared with the Street consensus of 17 cents.
In its update, the Canadian miner said its average realized gold prices increased by 6% to $1,972 per ounce.
However, all-in-sustaining costs for gold climbed to $1,355 per ounce, up from $1,212 the previous year.
Despite challenges from inflation, high fuel prices due to Russia's actions in Ukraine, and US labour shortages, Barrick remains optimistic.
The firm anticipates its second-half output to exceed the first half, with significant contributions from its mines in Nevada, the Democratic Republic of Congo, and Zambia.
At 8.07 am, the shares were indicated to open just under 1% higher at $16.50.