Top gold producer Newmont Corp on Tuesday forecast higher production of the precious metal next year at lower costs, hoping to build on a surge in demand seen during the COVID-19 pandemic.

The attraction of gold as a safe-haven asset pushed prices up nearly 23% this year as global economies reeled under lockdowns designed to curb the spread of the coronavirus outbreak.

The company forecast 2021 gold output of 6.5 million ounces, compared with the 6 million ounces it expects to report this year.

While output was hit in some regions this year due to infections and governmental restrictions, Newmont said its forecast assumes operations will continue without major coronavirus-related interruptions next year and beyond.

Output through 2023 is expected to be between 6.2 and 6.7 million ounces and rise to as much as 7 million ounces through 2025.

The company's all-in sustaining cost (AISC), a closely watched industry benchmark, is expected to be around $970 per ounce of gold mined next year, below this year's forecast of $1015 per ounce. The cost is expected to further decrease through 2025.