Miner Newmont reported a 27% drop in fourth-quarter adjusted profit on Thursday, as the world’s top miner was hurt by a fall in gold prices.

Spot gold declined last year from record levels hit earlier in the pandemic as rising vaccinations and the reopening of the global economy hit bullion’s safe-haven appeal, while a hawkish US Federal Reserve has also pressured prices.

Denver, Colorado-based Newmont said attributable gold production for the fourth quarter fell marginally to 1.62-million ounces from 1.63-million ounces in the previous year quarter.

All-in sustaining cost, an industry metric that reflects total expenses associated with production, rose to $1,056 per ounce of gold from $1 043 per ounce.

Adjusted income dropped to $624-million, or 78 cents a share, in the quarter ended December 31, from $856-million, or $1.06 a share, last year.