Market development body for the gold industry
Global gold-backed ETFs have drawn $3 billion in July, ending two months of outflows as Western investment demand shows tentative signs of recovery. Europe led inflows, North America posted modest gains, and Asian funds boosted holdings, while prices rebound from earlier lows but remain below January highs.
Burkina Faso has inaugurated Raffinor-BF, a state-backed gold refinery in Ouagadougou with 164 tonnes annual capacity, aiming to process gold domestically and cut reliance on foreign firms. The project is part of President Traoré’s push for greater state control of minerals amid security challenges and concerns over the informal mining sector.
China has continued its 23-month gold-buying streak, adding about 23 tonnes in September and expanding domestic gold use as a hedge against dollar exposure and sanctions. Private demand is rising as households seek safe assets amid a slowing economy and geopolitical risk.