Gold Has Cooled From Its First-Quarter Record, Yet Miners Still Sold Ounces at Prices More Than 20% Above Last Year

What happened

The article says the London PM gold price averaged $4,262 an ounce in the third quarter of 2026, about 23% above the same quarter of 2025. However, the quarterly average has fallen for two consecutive quarters from its first-quarter record of $4,872.90.

Confirmed

Global impact / market context

Higher year-over-year gold prices can support miners’ revenue per ounce sold, while the recent decline from the first-quarter peak may reduce that support if prices keep falling. The article reports that four miners recently recorded realized prices more than 20% above a year earlier.

Analyst inference

The World Gold Council linked September’s decline to rising U.S. Treasury yields and the dollar, plus fewer futures positions. It said the Federal Reserve’s rate increase and signal of possible further tightening put upward pressure on yields and the dollar, factors the article associates with gold’s retreat.

Confirmed

What to watch

1. Check upcoming miner results for realized gold prices and sales volumes; together these show whether higher prices are still lifting revenue despite the decline from the first-quarter record. Analyst inference
2. Watch gold prices alongside Treasury yields and the U.S. dollar, which the Council linked to September’s decline; further rate tightening was signaled but is not assured. Analyst inference
3. Compare miners’ reported costs with realized prices in future results; if costs rise faster than sale prices, the extra revenue per ounce may not translate into more profit. Analyst inference

Evidence

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