Top Gold Producers Log Record Q1 Margins Despite Price Swings
Following a chaotic first quarter that saw gold prices shatter the US$5,000 per ounce barrier before suffering a historic collapse, the world’s top gold producers delivered a string of record financial results.
The first quarter of 2026 brought severe whiplash to the gold market. Driven by safe-haven flows and geopolitical uncertainty, the yellow metal opened the year at US$4,384.46 and rapidly broke the psychologically critical US$5,000 ceiling, reaching a record high of US$5,589.38 on January 28.
February saw the metal testing the US$4,750 support level before rebounding to above US$5,000. However, the market suffered a violent correction in March. Gold initially pushed to US$5,418.71 before reversing sharply as the US-Iran war escalated.
With Iranian attacks in the Strait of Hormuz effectively paralyzing global oil trade, broad market panic forced investors to liquidate gold positions to cover steep equity losses.
By March 23, the price had collapsed to a quarterly low of US$4,100, marking the steepest weekly decline in 40 years.
The metal rebounded above US$4,500 by late March after the Trump administration proposed a 15-point peace plan and a temporary ceasefire, though the framework was subsequently rejected by Tehran. Despite the late-quarter plunge, the elevated average realized prices for the period allowed miners to capture positive margins.
Below is a breakdown of how the major producers fared in Q1.
AngloGold delivers US$1.2 billion in free cash flow, hikes dividends
AngloGold Ashanti (NYSE:AU,JSE:ANG) posted record free cash flow of US$1.2 billion, a 190 percent year-on-year increase.
The company reported gold production of 724,000 ounces at an all-in sustaining cost (AISC) of US$1,980 per ounce. Headline earnings surged 187 percent to US$1.3 billion.
Backed by the cash influx, AngloGold declared a record interim dividend of US$585 million and proposed a massive US$2.0 billion share repurchase program.
“Our focus remains to control what we can control – managing underlying costs and ensuring safe, predictable operating results,” CEO Alberto Calderon said. “That has again enabled us to deliver record free cash flow and cash returns to our shareholders, while moving our organic growth projects forward.”
Operationally, the company noted it had activated global supply chain resilience protocols by increasing fuel stocks and inventory buffers across key African and Australian operations in response to the Middle East crisis.
Kinross Gold margins outpace surging metal
Kinross Gold (TSX:K,NYSE:KGC) recorded its fourth consecutive quarter of record free cash flow, generating US$837.5 million.
Production reached 492,563 gold equivalent ounces with an attributable AISC of US$1,732 per ounce. Crucially, the company’s margins increased 92 percent year-over-year to US$3,476 per ounce, outpacing the rise in the underlying…
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