(Reuters) -Newmont Corp beat Wall Street expectations for second-quarter profit on Wednesday, as the world’s biggest gold miner benefited from robust production and easing costs.

Attributable gold production rose to 1.61 million ounces in the second quarter from 1.24 million ounces a year earlier, the company said. Analysts had expected production of 1.56 million ounces, according to LSEG data.

Prices of the precious metal rose 4.2% in the April-June quarter to close at $2,325.70 per ounce, lifted by buying by global central banks and bets that the U.S. Federal Reserve will cut interest rates in September. [GOL/]

Shares of the company were up 2.3% after the bell.

On an adjusted basis, the Denver, Colorado-based company posted a profit of 72 cents per share for the April-June quarter, compared with analysts’ estimates of 62 cents, according to LSEG data.

(Reporting by Vallari Srivastava in Bengaluru; Editing by Sriraj Kalluvila)