Gold-mining margins are surging well ahead of gold prices: Average all-in sustaining cost (AISC) margins surged +134% YoY in Q1 2026, to a record $3,076 per ounce. AISC margin is the amount miners earn per ounce of gold after covering the costs of sustaining their mining operations. This is far above the +70% YoY increase in gold prices over the same period. Furthermore, AISC margins among the 10% of gold miners with the highest production costs rose +32% QoQ, to $2,363 per ounce. Since March 2024, global miner AISC margins have more than tripled, while gold prices have roughly doubled over the same period. Gold miners are realizing massive profits.