Gold Price Breaks $5,000 to New High, Yet Gold Miners Report Losses—Why?

In early 2026, the gold price broke through $5,600, rising nearly fourfold in six years, with a gain of over 60% in 2025. However, the global gold mining index rose only 35%–45% over the same period, significantly underperforming gold ETFs. Affected by high all-in sustaining costs (AISC), mining companies failed to enjoy the benefits of the surging gold price, resulting in a divergence where gold prices hit record highs while mining stocks struggled.