Gold
The metal that anchors the trade.
Gold has the strongest combined case in precious metals: jewellery, investment, central-bank reserves, and recycling all pull on the same ounce. That is why a single gold move ripples through every part of the business at once.
What drives demand
Where it is mined
China, Russia, Australia, Canada, the United States, Ghana, Mexico, Indonesia, Peru, and Uzbekistan. China was the largest producer in 2025, at roughly 10% of global mine output.
Who mines it
Newmont (the largest gold miner in 2025), Agnico Eagle, Barrick, Zijin Mining, Navoi, AngloGold Ashanti, Kinross, Gold Fields, Polyus, and Northern Star.
Gold price, last 90 sessions
The outlook
Gold is the most liquid and most watched of the four. The 2026 story is a tug between a firm dollar and rate expectations on one side, and steady central-bank accumulation on the other.
What Lufroma tracks for Gold
Spot and lbma am/pm fixes, the gold/silver ratio, regional premiums, london vault holdings, central-bank buying, and news sentiment. Read the latest in the daily brief and reports.
See the intelligenceIn the value chain, gold purity is checked by XRF, and refiners use fire assay with ICP or OES for high accuracy. Lufroma reports the market, not the assay.