Harmony Gold Mining reported a significant rise in fiscal 2026 earnings on Thursday, driven by higher gold prices that offset a decline in production. Headline earnings per share for the year ended June 30 surged 87% to 258 cents. Pretax profit jumped to $2.27 billion from $1.17 billion a year earlier.

The South African gold miner's average gold price in fiscal 2026 rose 35% to $3,811 an ounce, more than offsetting a 3% fall in group gold production of 44,464 kilograms. For the year ahead, Harmony maintained its full-year group production guidance of 1.4 million to 1.5 million ounces of gold and gold equivalents. The company declared a final dividend of 47 cents a share.

Traders are balancing geopolitical tensions in Iran and concerns over U.S. debt sustainability, which are driving safe-haven demand for gold, against the weight of higher interest rates on non-yielding assets. Adam Whittaker reports.