Gold-producing countries across Asia are moving to keep more of their metal at home by refining it locally, taxing exports and stepping up central bank buying, Nikkei Asia reports. Over time, that could shrink the gold available on world markets.
At a glance
- Laos wants to refine its own gold through the Lao Bullion Bank, set up in 2024.
- Indonesia, which mines more than 100 tonnes a year, will tax gold exports by up to 15%.
- China's central bank extended its run of net gold purchases to a record 22 months in August.
Background
Resource nationalism is when a country moves to keep more control, and more of the profit, from its natural resources. For gold, that can mean refining ore at home instead of shipping it abroad, taxing exports, or having the central bank buy local output. Gold sold abroad usually goes to large international refiners and is traded on the London market.
What happened
Countries across Asia are trying to capture more of the value from the gold boom, Nikkei Asia reported. They are building local refining, discouraging exports with taxes and buying more gold through their central banks.
Laos has long seen its gold leave as low-value ore. It now wants to refine its output at home, with the Lao Bullion Bank, set up in 2024, at the centre of the push. The country produced about 12 tonnes in 2025, according to the World Gold Council. Indonesia, which mines more than 100 tonnes a year, will impose an export tax of up to 15%.
Why it is happening
Higher prices raised the stakes. London spot gold hit a record above $5,500 an ounce in January and remains above $4,000. Waning confidence in the dollar as a reserve currency adds to gold's appeal, after sanctions froze dollar assets held by countries at odds with Washington.
China, the largest producer, generally restricts gold exports, and its central bank has bought gold for a record 22 months in a row. Similar moves are under way in Africa, including in Madagascar and Ghana.
What it means
If more producers refine at home and limit exports, less gold would reach international refiners and the London market. One precious metals consultancy warned the trend will affect major refiners' ability to source gold. ANZ's Geullim Yum said producer countries' actions could become another factor pushing prices higher over time.
In the short run, interest rates matter more. Gold edged up to about $4,150 on Monday after a 3.4% weekly loss, its biggest since June. Weak US jobs data cut the odds of an October Fed rate hike to about 20%, from around 70% a week earlier.
Our read
Outlook: bullish. Keeping more gold at home could tighten international supply over several years. In the near term, US interest rates and bond yields remain the bigger influence on price.
What to watch
- When Indonesia's gold export tax takes effect and at what rate.
- Progress on refining capacity at the Lao Bullion Bank.
- Whether China's central bank extends its record buying streak.
For information only, not investment advice.
Gold price in India
metalscost.com India reference price as of 2026-10-24.
Detailed analysis
Supply Drivers
Export taxes and local refining could reduce the gold reaching international refiners.
Interest Rates
Odds of an October Fed hike fell to about 20% after weak US jobs data.
Central Banks
China's central bank has bought gold for a record 22 straight months.
What could lift prices
- Less gold reaching London could tighten international supply over time.
- Steady central bank buying, led by China, adds a floor under demand.
What could weigh on prices
- Rising long-term US yields and possible further Fed hikes weigh on gold now.
- Gold remains well below January's record above $5,500.
Country impact
| Country | Impact | Reason |
|---|---|---|
| Indonesia | High | It will tax gold exports by up to 15% on more than 100 tonnes of annual output. |
| Laos | Medium | It wants to refine its own gold through the Lao Bullion Bank. |
| China | Medium | It restricts gold exports and has bought gold for a record 22 months. |
Industry impact
| Industry | Effect | Reason |
|---|---|---|
| Metal Smelting | Negative | Major international refiners may find it harder to source gold. |
| Gold Mining | Neutral | Miners in these countries face export taxes but may gain local refining options. |
Who gains, who loses
- Producer-country governments: They keep more of the value from gold mined on their territory.
- International gold refiners: They could find less gold available to buy.
Other ways this could play out
- If more producers follow Laos and Indonesia, the gold available in London could tighten over the next few years.
- If gold prices keep falling, governments may ease export curbs to support mining revenue.
Price risks
- A further rise in US yields would outweigh slow-moving supply effects in the short run.
- Export taxes could be delayed or diluted before they take effect.
Technical view
Price is trading below both its 20-period and 50-period moving averages, a bearish alignment.
Computed from metalscost.com's own stored price history.
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