Gold Miners Post Strong Q2 Despite Price Pullback and Rising Costs - IndexBox

AI desk brief

Gold miners’ Q2 2026 all-in sustaining cost margins fell 16% quarter over quarter to $2,582/oz but remained 52% higher annually, according to Metals Focus analysis prepared for the World Gold Council. Covered operations increased output 1.6% quarterly, though production remained 4.4% lower annually; total cash costs rose 4% quarterly to $1,406/oz as average gold prices fell 7.2% to $4,512/oz. The analysis expects further margin compression through end-2026 as costs rise, but forecasts wider margins in 2027 if gold prices recover sufficiently to outweigh higher royalties. These findings concern mining profitability and do not establish a directional bullion-price effect.