Gold futures hit $4,200 per ounce in late November 2026 as equity markets in New York, London, and Tokyo ended extended rallies, triggering portfolio rebalancing into hard assets. The 68% surge from 2025 levels reflects investor repositioning amid fiscal deficits in major economies and anticipated Federal Reserve rate cuts.
Mining companies are responding with capacity expansions across continents. Fortuna Mining Corp. is advancing its Diamba Sud project in Senegal toward 500,000 oz annual production, submitting an exploitation permit in February 2026. The Canadian-listed miner delivered 317,001 gold equivalent ounces in 2025, with its Séguéla mine in Côte d'Ivoire producing a record 152,426 oz—4% above guidance.
Fortuna projects 281,000-305,000 oz output in 2026 at all-in sustaining costs of $1,830-1,975 per ounce. The company's 2026 guidance assumes $3,750/oz gold, up 50% from its 2025 assumption of $2,500/oz. Its operations span West Africa, Argentina's Lindero mine (87,489 oz in 2025), and Peru's Caylloma polymetallic project (39,292 oz equivalent).
The rally extends beyond technical factors. Fiscal deficits in the United States, European Union, and Japan are reinforcing gold's appeal as a hedge against currency debasement. Institutional allocators are increasing precious metals exposure as central banks signal monetary easing.
Fortuna reported $382 million net cash and $704 million total liquidity as of December 31, 2025. Cash costs are rising sector-wide, with Fortuna projecting $895-1,000 per oz in 2026. Séguéla's costs remain competitive at $735-815/oz cash and $1,630-1,730/oz AISC.
Vale and Fenix Gold are developing new projects, betting on sustained demand as monetary policy shifts. The combination of equity volatility, fiscal concerns, and easing expectations is driving a prolonged cycle in precious metals, with producers from Senegal to Peru positioning for multi-year demand growth.