Gold mining cost inflation hits 13-year high - MiningMX

AI desk brief

Gold mining costs hit a record in Q2 2026, with all-in sustaining costs up 22% YoY to $1,930/oz and 8% QoQ, the steepest annual rise since Q1 2013, according to the WGC’s Gold Demand Trends report. Despite the cost surge, global mine output rose 3% YoY to 1,071t in Q3, while LBMA afternoon gold averaged $4,262/oz in the quarter, up 23% YoY; spot was around $3,923/oz early Tuesday after dipping below $4,000 last week.

Demand was broadly stable but mixed: total gold demand fell 1% YoY to 1,369t in Q3, yet ETF inflows remained very strong at 211t, lifting global holdings to a record 4,256t. By contrast, bar and coin demand dropped 19% to 268t, and recycling weakened 8% YoY to 314t despite the high price, suggesting limited scrap response and a still-supportive backdrop for the market.