Gold Cost & Ownership Atlas
The direct answer
Latest global AISC run-rate$1,706/ozQ4 2025
FY 2025 production-weighted average$1,521/ozfull year
Q4 AISC + modelled growth capex$1,989/ozrun-rate scenario
Broader model incl. +15% overlay$2,287/oztax & finance scenario
Gold spot snapshot$4,068/oz21 Jul 2026 · 18:00 GMT
FY means the average cost across the year's paid ounces—not the fourth-quarter exit rate or a simple average of four published points.Q4 is more current; FY better describes the year. Their source universes differ, so the change is not purely sequential inflation.
Q4 above FY average+$185/oz12.2% · different data providers
Current spot vs Q4 AISC$2,362/ozillustrative cross-period gap
Geographic explorer
Public AISC coverage
<$1,200$1,200–1,550$1,550–1,850$1,850–2,100$2,100+USD/oz unless shown · click a country
Nominal USD per troy ounce
Gold price vs reported global AISC
Gold annual averageGlobal AISC observationsQuarterly observation31 Dec 2025 spot21 Jul 2026 spot snapshot
End-2025 · above ground
Who holds—or uses—the stock?
219,891tonnes
Jewellery97,645t44.4% of estimated stock
Data disciplineOne value per scope and vintage.
Audit every claim Annual, quarterly, company-sample and modelled values never masquerade as one series.