Gold futures hit $4,200 per ounce in late November 2026 as investors across major markets abandoned equities for safe-haven assets. The surge marks a sharp divergence from tech stocks, with Nvidia down 12% and bitcoin falling 19% during the period.
Geopolitical uncertainty and UK political instability drove the flight to traditional havens. Central banks worldwide have been net gold buyers for multiple consecutive quarters, adding structural support to prices. US Federal Reserve rate cuts are now priced into markets, reducing the opportunity cost of holding non-yielding assets.
Mining companies are capitalizing on elevated prices. Fortuna Mining submitted an exploitation permit for its Diamba Sud project in Senegal while its Séguéla mine in Côte d'Ivoire produced a record 152,426 ounces in 2025. The company delivered 317,001 gold equivalent ounces last year, meeting guidance.
Fortuna forecast 2026 production of 281,000-305,000 ounces with all-in sustaining costs of $1,830-1,975 per ounce. The guidance assumes $3,750 gold, well below current spot levels, suggesting strong margins if prices hold.
Market analyst Michele Schneider cited government deficits, elevated spending, and central bank buying as structural price supports. Lower rates make bullion more attractive relative to interest-bearing instruments across global markets.
Commodity markets show clear bifurcation. Copper and oil face uncertain demand as global economic growth projections remain volatile, while precious metals benefit from safe-haven flows. Mining equities have advanced alongside metal prices.
Fortuna improved its injury frequency rate to 0.74 from 1.36 while maintaining $704 million liquidity and $382 million net cash as of December 2025. The gold rally extends a multi-year trend of investors seeking alternatives to equities and fixed income amid persistent inflation concerns and geopolitical risk worldwide.