During the second quarter, gold prices pulled back from Q1’s all-time highs as the US-Israel-Iran war drove oil prices higher, stoking inflation fears and raising the prospect of higher interest rates; a hawkish June FOMC meeting added further pressure. Despite this, with the gold price at US$4,250/oz and All-In Sustaining Costs (“AISC”) averaging US$1,900/oz, the industry is still achieving average AISC margins of >US$2,300/oz. We mark our Q2 gold price to market at US$4,500/oz (prev. US$5,000/ ....
