US$1,614 an ounce.
That is the median all-in sustaining cost across 360 gold producers in our 2025 dataset.
Hold that number against this week's headline.
UBS has cut its near-term gold view, flagging a possible further fall of US$300 to US$900/oz, toward the US$3,850 to US$4,000 range. It had already trimmed its year-end target to US$5,500 from US$5,900. Spot sits near US$4,300 (17 June).
At US$3,850, the median producer still banks roughly US$2,236/oz. The higher-cost quartile, around US$1,843 AISC, still clears close to US$2,000. Those are margins that would have been the entire gold price a decade ago.
So the bank debate everyone is quoting is a debate about spot.
The decision that actually moves capital is about margin. And margin holds across almost the whole curve, even at the downside UBS is modelling.
That read is the one that disappears when the cost data sits in 360 separate filings instead of one structured view. The spot call is easy to find. The curve underneath it is the work.
Watch the curve, not the call.
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