Canada gold output jumps 22% as global supply slips

AI desk brief

Canada’s 22% jump in Q3 gold output helped lift global mine production 3% y/y to a record 1,071 tonnes, but total supply still fell 1% to 1,369 tonnes as recycling dropped 8% to 314 tonnes and producer hedging declined. WGC said new operations in Canada, Indonesia and Chile offset declines in Australia and the U.S., but the overall supply response remains modest even as all-in sustaining costs hit a record C$2,698/oz in Q2, up 22% y/y.

Demand was led by central banks, which bought an estimated 321 tonnes in Q3, up 42% y/y, while gold ETFs added 211 tonnes after Q2 outflows. That support partly offset weaker consumer demand: bar-and-coin fell 19% and jewellery demand dropped 17%, with total demand down 1%; the WGC raised its central-bank purchase outlook and cut its full-year investment-demand forecast, while noting buying is supportive but not a firm price floor.