Gold producers across Asia are trying to retain more of the metal they mine, reversing a long-established pattern in which supply has moved to trading hubs in London and New York.
The approach rests on three levers: refining more gold domestically, restricting exports and directing locally produced metal into national reserves. It is being driven by resource nationalism and by an effort to capture greater value from gold’s recent price movements.
Laos, which produced roughly 12 tonnes of gold in 2025, is developing domestic refining through the Lao Bullion Bank. It is also increasing gold’s role in its reserve system.
Indonesia produces more than 100 tonnes of gold annually and has imposed an export tax of as much as 15% on gold.
China mined over 380.2 tonnes of gold in 2024, making it the world’s largest gold producer that year. Asia was described as the leading gold-producing region in 2024.
A major gold-producing country produces a little over 380 tonnes of gold a year, roughly a tenth of global mine supply, while remaining a major importer. Global gold production in 2024 was estimated at around 3,000 to 3,500 tonnes.
Across the region, producers are increasing domestic refining capacity, imposing export taxes and stepping up central-bank purchases. The practical aim is to keep a greater share of the value generated by domestic gold production under national control.
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