Asian gold producers shift to domestic refining, hoarding; resource nationalism spreads

Emerging-market gold producers across Asia are increasingly refining gold domestically, taxing exports, and having central banks purchase local output, reversing the traditional flow of gold to London and New York. This 'new form of resource nationalism' could tighten global gold supply and shift pricing power, though the scale and speed of the shift remain uncertain. The trend matters because it may alter gold market dynamics, affecting liquidity and central bank reserve strategies.