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Gold price surge lifts miners’ margins to a record as AISC jumps 16% to USD 1,785/oz in Q1 2026

AI Market Summary
WGC data show Q1'26 gold prices rose faster than producer costs, pushing record AISC margins and strong free cash flow, enabling large dividends and buybacks (e.g., Newmont, AngloGold). However, royalties tied to higher prices and West Africa fiscal changes are lifting cost bases, while Iran-related supply chain disruption is set to pressure fuel and freight costs into Q2. Net effect supports gold-linked earnings while highlighting rising cost risk.
Impact level
● Medium
Affected assets
NCCOGOLD2USD/USDT-2.46%
AI Insight · NCCOGOLD2USD/USDTAI Insight
▲ Bullish
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Gold miners posted record profit margins in the first quarter of 2026 as surging prices outpaced rising costs, even as global average all-in sustaining costs climbed 16% year on year to USD 1,785 per ounce, according to the World Gold Council. Newmont reported its highest-ever quarterly free cash flow of USD 3.1bn and approved an additional USD 6.0bn share buyback programme. AngloGold Ashanti generated record free cash flow of USD 1.2bn and shifted from net debt to net cash. Some African operations faced added cost pressure as royalty payments accelerated.
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