Gold miner Newmont Corp said on Thursday that fourth-quarter adjusted profit more than doubled, driven by higher prices on the back of safe-haven buying during the pandemic.

he miner said averaged realized gold price jumped 25% to $1,852 per ounce in the quarter, while attributable gold production fell about 11% to 1.6 million ounces.

The company cited the sale of Red Lake and Kalgoorlie, and lower production at Cerro Negro for the drop in production.

The world's largest gold miner said adjusted profit rose to $856 million, or $1.06 per share, in the quarter, from $410 million, or 50 cents per share, a year earlier.