According to Nikkei Asia, as gold prices continue climbing, a number of gold producing countries across Asia are stepping up efforts to capture more of the value generated by the current boom, moving to expand domestic refining capacity for gold mined within their own borders while using tools such as export taxes and central bank purchases to discourage the outflow of raw and semi processed gold.
From exporting ore to keeping the value at home
The report frames the trend against a backdrop of eroding confidence in the dollar and growing concern over the risk of sanctions, with some observers describing it as a rise in resource nationalism. For years, many gold producing countries in Asia have exported ore or semi finished gold while leaving the more valuable refining and processing steps to be completed abroad. With prices now repeatedly hitting new highs, these countries are looking to policy tools such as supporting domestic refining industries and adjusting export tariffs to keep more of the value generated by gold mining at home, rather than letting it accrue further down the supply chain overseas.
