South Africa’s Gold Fields expects its half-year profit to jump by as much as 236% on the back of higher gold production and record bullion prices.

In a trading update on Monday, the company said headline earnings per share (HEPS) for the six months ending June 30 would range between $1.09 and $1.21, compared with $0.36 in the same period last year.

The spot gold price has risen more than 30% year-on-year, peaking at $3,500 per ounce in April before easing to about $3,356.91. Analysts attribute the strength to robust investment demand—driven by U.S. growth concerns and tariff-related inflation fears—alongside continued central bank purchases and resilient jewellery demand.

Gold Fields reported a 24% increase in first-half gold output to 1.136 million ounces, up from 918,000 ounces last year. The company credited the performance partly to smoother operations at its Salares Norte mine in Chile, which saw a 46% jump in production after weather-related disruptions last year.

For the full year, Gold Fields expects to produce between 2.25 million and 2.45 million ounces of gold.