Record cost in gold production: $1,930 per ounce pressure

All-in sustaining costs for gold miners hit a record $1,930 per ounce in the second quarter of 2026, squeezing producers as gold prices declined while energy and investment expenses rose. The margin between the gold price and production costs narrowed by 16%, pressuring profitability across the sector. The cost inflation reflects higher energy and capital spending, which are eroding the buffer miners rely on when bullion prices weaken. Investors will watch whether cost pressures persist into coming quarters and whether miners cut output or investment to defend margins.