Larger rival Newmont Corp NEM.N on Tuesday reported a 56% drop in quarterly profit, largely due to lower gold sales volumes and higher labor, energy and raw materials costs. Gold prices XAU=declined 8% during the third quarter, their worst performance since March 2021, as aggressive interest rate increases by global central banks to battle surging inflation dimmed the yellow metal's luster for investors. Despite the short-term operational challenges and rising input costs, the company remains on track to achieve its 2022 production guidance, Chief Executive Officer Mark Bristow said in a statement.