U.S. Gold Output Drops 7% in Q3 2026 as Canada Records 22% Surge
Gold | 2026-11-12 06:49:53
However, recycled gold supply declined 8% to 314.5 tonnes, contributing to a 1% reduction in overall supply to 1,368.6 tonnes.
By Paul Ploumis
SEATTLE (Scrap Monster): A decline in US gold production and weakening recycled metal supplies are increasing the importance of new mining developments across North America.
According to the World Gold Council (WGC), US mine output dropped 7% year over year in the third quarter of 2026, partly due to lower ore grades at established operations. On the contrary, Canadian gold production climbed 22% during the same period, supported by newly commissioned mines and improved output from existing facilities.
Globally, mined gold production increased 3% year over year to a record 1,070.9 tonnes in the third quarter. However, recycled gold supply declined 8% to 314.5 tonnes, contributing to a 1% reduction in overall supply to 1,368.6 tonnes.
Future mine development faces significant threats from rising operating expense. According to WGC data, average all-in sustaining costs (AISC) reaching $1,930 per ounce in the second quarter, representing a 22% year-on-year surge.
Several North American projects in pipeline could address longer-term supply requirements. U.S. Gold Corp's CK Gold Project in Wyoming has already secured all permits and is currently targeting financing. Additional potential sources in Canada include projects such as Treaty Creek, Springpole and AurMac.
Meanwhile, Nevada and Alaska accounted for approximately 86% of US gold output during the previous year.
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Frequently Asked Questions
- How did US and Canadian gold production perform in Q3 2026?
US gold mine production declined 7% year over year, reflecting lower ore grades at established operations. Meanwhile, Canadian production increased 22%, benefiting from newly commissioned mines and higher output from existing facilities.
- What were the major trends in global gold supply during Q3 2026?
Global mined gold production rose 3% year over year to a record 1,070.9 tonnes. However, recycled gold supply dropped 8% to 314.5 tonnes, resulting in a 1% decline in overall gold supply to 1,368.6 tonnes.
- Why are rising all-in sustaining costs a concern for the gold mining industry?
Higher AISC increases the financial burden of operating existing mines and developing new projects. The average AISC reached $1,930 per ounce in Q2 2026, marking a 22% annual increase. Sustained cost pressures could affect project financing, profitability and future production growth.