Oliver Blagden

The balance between gold prices and mining costs shifted in Q2’26. After an exceptional opening quarter, lower gold prices coincided with another increase in costs, putting margins under pressure. Global average gold producer All-In Sustaining Costs (AISC) rose by 8% q/q and 22% y/y to a record US$1,930/oz.

Global average gold producer All-In Sustaining Costs (AISC) rose by 5% q/q and 16% y/y to US$1,785/oz in Q1’26. Rising costs have become a persistent feature of the industry, with the quarter marking the 28th consecutive year-on-year increase in AISC.