As global demand for gold surges, a critical constraint is emerging in the background, one that could reshape financial power. The Vice Chairman of Ahlatcı Holding, Ahmet Emin Ahlatcı, warned that the number of refineries capable of meeting sovereign standards is shrinking even as central bank demand accelerates, a report said Tuesday.
The report by Forbes said growing demand for gold is colliding with a shrinking number of facilities able to refine it to the standards required by central banks and sovereign buyers.
Gold prices have risen sharply in recent years, increasing from about $2,039 per ounce in early 2024 to nearly $4,850 by April 2026, driven by geopolitical tensions, inflation concerns and strong central bank demand, the report said.
Ahlatcı said refineries that meet strict compliance and traceability requirements are becoming fewer.
“The number of refineries that can meet sovereign-grade compliance and traceability standards is shrinking, not growing,” he said, adding that central banks are becoming more selective about the gold they accept.
The report said this mismatch between rising demand and limited refining capacity is increasing the importance of refineries and certification institutions in global markets, as they determine whether gold can be accepted into official reserves.
According to the report, the trend is also linked to broader geopolitical developments, including competition between China and the United States.
China has been increasing its gold reserves as part of efforts to reduce reliance on the U.S. dollar, while maintaining its export-driven economic model, the report said.
Gold is being used as a neutral store of value by countries seeking to diversify reserves without shifting fully to another currency, it added.
The report said control over refining capacity could become more significant in the future, as countries expand efforts to secure access to gold and influence how it is processed and traded globally.
