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Barrick Gold Corp ABX-T beat Wall Street expectations for first-quarter profit on Wednesday, as higher prices of the metal outweighed a decline in production.

Average prices of gold rose 7.8% and peaked over the $2,000-mark during the reported quarter on its appeal as a safe-haven asset following a banking crisis and fears of a potential recession.

The company’s average realized gold prices stood at $1,902 per ounce, compared with $1,876 per ounce a year earlier.

Barrick’s first-quarter gold production fell to 952,000 ounces from 990,000 ounces a year earlier. Its copper production stood at 88 million pounds, down from 101 million pounds a year earlier.

The miner took a hit as harsh winter impacted its northern Nevada operations and annual maintenance weighed on output at its Goldstrike mine.

The Toronto-based miner posted adjusted earnings of 14 cents per share for the quarter ended March 31, compared with analysts’ average estimate of 11 cents, according to Refinitiv IBES data.

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