Global gold mine cost summary

Gold prices have remained volatile through the first half of 2026, falling to a year-to-date low not seen since November 2025. Price movements continue to reflect supply chain disruptions linked to the US-Israel conflict with Iran, shifting monetary policy expectations, and structural forces including accelerating de-dollarisation and sustained central bank purchasing. Although second-quarter earnings did not hit the highs of Q1, producers have benefited from a year-to-date average gold price approximately US$1,000/oz above the 2025 average. Elevated prices have enabled producers to lower cut-off grades at mature operations to extend mine lives, and now investment focus is growing in project development for the longer term. With several major expansion projects on the horizon and production projected to peak through to 2028, the stage is set for a pivotal chapter in the gold market story.