Gold prices are rising, but gold miners are profiting even faster than gold prices. In the first quarter of 2026, the global average AISC profit margin for gold miners surged 134% year over year to $3,076 per ounce, clearly higher than the gold price’s increase of about 70% over the same period. Since March 2024, the gold price has roughly doubled, while miners’ AISC profit margins have grown to more than three times.