Gold hits record high as Ghana boosts local refining efforts
21st January 2026
Gold prices soared to a historic all-time high on Tuesday, January 20, 2026, reflecting the metal’s growing strategic importance in global markets. Spot gold climbed 1.6 percent to $4,748.09 per ounce, extending a strong rally that continues to push price benchmarks into uncharted territory.
Analysts attribute the surge to sustained investor demand, market momentum, and gold’s enduring appeal as a store of value amid global economic uncertainty, geopolitical tensions, and shifting monetary policies. The record-breaking levels underscore the metal’s role as a core commodity in investment portfolios, with active trading and positive sentiment driving prices higher.
The rally comes at a pivotal moment for Ghana, Africa’s largest gold producer, which is moving to capture more value from its resources through domestic processing rather than exporting raw gold. Under a strategic value-addition agreement with Gold Coast Refinery Limited, Ghana will refine one metric tonne of gold locally each week starting February 1, 2026.
The initiative aims to boost export earnings, retain refining fees within the country, and deepen Ghana’s participation in the global gold value chain. Experts say the timing is ideal: with gold trading at record highs, the country is well-positioned to maximise revenue, strengthen industrial capacity, and reduce reliance on external refineries.