The largest gold miner in the world, Newmont Corp, outperformed Wall Street estimates for first-quarter profit on Thursday.

During the reported quarter, the average price of gold, regarded as a safe-haven asset, increased by 7.8% and reached a high of more than $2,000 per ounce due to concerns about the financial system’s stability after a banking crisis and a prospective recession.

Average realised gold prices for Newmont were $1,906 per ounce, higher than $1,892 per ounce a year earlier.

The price of gold increased to $1,376 per ounce from $1,156 per ounce, reflecting an increase in all-in sustaining costs (AISC), a crucial industry statistic that reflects overall production costs.

However, Denver, Colorado-based Newmont reported that first-quarter attributable gold output was down from 1.34 million ounces to 1.27 million ounces from last year.

According to Refinitiv statistics, the company reported net income of 40 cents per share on an adjusted basis for the quarter that ended March 31, as opposed to the average estimate of 33 cents per share from analysts.

With Australian gold producer Newcrest Mining (OTC:NCMGF) Ltd., Newmont is undergoing a $19.5 billion merger. Newcrest has allowed outside auditors access to its books.