Canada gold output jumps 22% as global supply slips - The Northern Miner

AI desk brief

Canada’s gold output jumped 22% y/y in Q3, helping global mine supply rise 3% to a record 1,071t, but the overall supply response remained modest as recycled supply fell 8% and producer hedging also declined. The WGC said higher costs persisted, with industry AISC hitting a record $1,930/oz in Q2 (+22% y/y), while gold averaged $4,262/oz in Q3, leaving margins comfortable despite the cost pressure.

On demand, central banks remained the key offset to softer consumer buying, with estimated purchases up 42% to 321t in Q3 and 675t over the first nine months, led by China and Poland. Gold ETFs added 211t, but bar-and-coin demand fell 19% and jewellery demand dropped 17%; the WGC said central bank buying can support prices, though it does not imply a firm floor.