Global gold mine cost summary

Gold has had a turbulent yet remarkable start to 2026, with prices averaging around $1,000 per ounce above last year's mean and reaching an unprecedented all-time high of $5,502/oz in January. Driven by geopolitical tensions, shifting monetary policy expectations, and deep structural forces including accelerating de-dollarisation and relentless central bank buying, the market has experienced both dramatic peaks and sharp corrections. Gold miners have capitalised on elevated prices, posting record earnings and announcing billions in shareholder returns, while supply faces challenges from lengthy development timelines, permitting hurdles, and an industry still cautious from lessons learned in the last bull cycle. With several major expansion projects on the horizon and production expected to reach record levels in 2026, the stage is set for a pivotal chapter in the gold market story.