All eyes on Africa as soaring gold prices boost mining power and state control, with prices projected to hit $6,300 per ounce

Africa’s influence in the global gold market is growing as soaring prices boost mining power and state control. Gold has surged past $4,700 per ounce and is projected to hit $6,300 by year-end. Africa’s gold production exceeded 700 tonnes in 2025, with gold now comprising 17% of central bank reserves. Governments are using the rally to secure higher stakes and local benefits, enhancing the continent’s position in the precious metals sector.