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GOLD mining costs climbed to a record in the second quarter of 2026, rising 22% year on year to $1,930 an ounce, according to the World Gold Council’s latest Gold Demand Trends report.
Average all-in sustaining costs (AISC) rose 8% from the previous quarter – the steepest annual rate of increase since the first quarter of 2013. The WGC said the pace of cost inflation was significantly faster than that seen over the previous five years and since Metals Focus began compiling its cost database in 2012.
Gold miners have faced higher energy and consumables costs over the past year, while sustaining capital expenditure has also risen rapidly.
The higher cost base has not stopped miners from increasing production. Global mine output rose 3% year on year to 1,071 tons in the third quarter, the highest third-quarter level in the WGC’s data series.
Production for the first nine months was 2% higher, with full-year mine output now likely to reach another record, unless there are widespread setbacks in the final quarter.
The cost increase comes against what has been an exceptionally strong gold-price environment. The London Bullion Market Association afternoon gold price averaged $4,262/oz in the third quarter – 23% higher than a year earlier – although spot gold fell below $4,000/oz late last week. Early on Tuesday, spot gold was trading at about $3,923/oz.
Total gold demand, including over-the-counter activity, slipped 1% to 1,369 tons in the third quarter, while demand for the first nine months of 3,881 tons was only marginally below the 2025 record.
Investor behaviour differed sharply. Gold exchange-traded funds drew 211 tons of inflows during the quarter, taking global holdings to a record 4,256 tons, while bar and coin demand fell 19% to 268 tons.
Louise Street, senior markets analyst at the WGC, told Miningmx that retail investors generally prefer to see a clear price trend before putting more money into gold.
Strong retail buying earlier in the rally meant some investors were now waiting for prices either to fall further or start rising again before buying more. Institutional investors, she said, were more influenced by wider economic, fiscal and geopolitical concerns.
Recycling was also unexpectedly weak, with recycled gold supply dropping 8% year on year and 2% quarter on quarter to 314 tons, despite the high gold price.
Street said recycling typically rises during periods of economic distress, which has not been widespread enough to elicit substantial selling.
In India, a major source of recycled gold, owners have increasingly been using gold as collateral or exchanging old jewellery rather than selling it outright. Higher prices also mean consumers need to sell less gold to raise the same amount of cash.