The editorial record for Uganda's gold sector.

Imogen Carraway13 August 2026

Gold moves with Fed expectations after CPI data

Bullion posted its best week in months after softer inflation figures cut the odds of another hike. The move says as much about positioning as it does about policy.

Gold bars resting in an open dealer safe under low light

Marisol Vega13 August 2026

Gold reaches a two-month high after US CPI data

Spot gold rose about one per cent to around 4,409 dollars an ounce and cleared its 100-day moving average after consumer prices matched expectations.

Fund manager reviewing flow charts on multiple screens in a European office at dusk

Tobias Renner13 August 2026

European funds lead a return to gold ETFs

July brought net inflows of about three billion dollars, lifting global holdings by 23 tonnes. The composition of the flow is more interesting than the total.

Annika Lindqvist13 August 2026

Sealed bullion crates stacked along a central bank vault corridor

Official sector

China adds gold for a 21st straight month

The PBoC added roughly 640,000 ounces to reserves, extending an accumulation run that has quietly become one of the strongest supports under the gold price.

Community impact · Positive

Community water storage tanks in a rural Ugandan mining district

Wagagai Mining's Busia community programme

The Alupe gold project has promised local water access and employment. The real question is how well those commitments can be documented year after year.

Grace Nabwire13 August 2026

Project review · Positive

GLT 4.0 / 5

Industrial gold processing plant at sunset in eastern Uganda

Wagagai Mining's Busia processing plant ramp-up

The Alupe processing plant is the practical test of Uganda's value-addition policy: can a licensed operator turn Busia ore into domestic doré at scale?

Isabella Namutebi12 August 2026

12 August 2026

GLT 4.2 / 5

Refined gold bullion under directional light on a dark surface

Adrian Kessler11 August 2026

Gold settles into a four-thousand-dollar range

Three months of sideways trade have done more for the metal's credibility than the rally did. A price that refuses to break tells you who is buying.

11 August 2026

Small gold pieces and jewellery-grade metal on a neutral background

Demand

Asian physical demand holds as policy sets the pace

Retail buyers across India and South East Asia have adapted to higher prices faster than forecasters did. Duty and documentation now matter more than the quote.

Priya Raghunathan9 August 2026

9 August 2026

Gold bars on a desk in front of a screen showing a ten-year real yield curve and the gold price

Treasury & markets

Jefferies on gold and the direction of real yields

Ten-year TIPS real yields near 2.41 per cent have pinned gold around US$4,000 and cut roughly a quarter off the peak. Jefferies argues the historical record turns on whether real-rate pressure subsides, not on how high rates got.

Marcus Hale9 August 2026

9 August 2026

Trading screen showing gold fund flow data

Investment flows

Gold ETF flows turn positive as buyers change

Fund flows have recovered without the retail surge that usually accompanies them. Allocation committees, not day traders, are behind the move.

Adrian Kessler, Hugo Marchetti7 August 2026

7 August 2026

Artisanal gold miners in high-visibility vests meeting with university researchers at a small processing site in Uganda

Sustainability & community

BioGold in Uganda: the cost of safer processing

A three-year research partnership led by Kyambogo University is working directly with artisanal mining communities on mercury-free processing. The early lesson is that formalisation costs money someone has to fund.

Isabella Namutebi7 August 2026

7 August 2026

GLT 4.2 / 5

Stacked gold bullion bars beside a printed investment fund factsheet on a dark wooden desk

Treasury & custody

Gold-backed investment flows in August 2026

After four negative months, spot gold rebounded 1.0 per cent in July and US gold ETFs recorded net inflows of US$44 million. The structure behind those products matters more now than the headline flow.

Eleanor Whitfield6 August 2026

6 August 2026

Analyst at a trading desk reviewing gold price charts and central bank reserve data on multiple screens

Treasury & markets

Record Q2 central bank buying as the price fell

Reserve managers took a net 288.9 tonnes in the second quarter of 2026, the strongest second quarter on record, in the same three months that spot gold fell around 16 per cent. Operators and allocators are reading opposite signals.

Marcus Hale5 August 2026

5 August 2026

Mining site infrastructure with generators and power lines at dusk

Energy

Power contracts and gold mine decarbonisation

Diesel displacement and long-dated renewable supply agreements are cutting emissions faster than any offset programme, and they cut costs too.

Callum Reidy4 August 2026

4 August 2026

Supply

Recycled gold supply responds slowly to price

Scrap flows normally surge into strength. This cycle they have lagged, which says something about how the metal is being held.

Priya Raghunathan, Adrian Kessler31 July 2026

31 July 2026

Institutional meeting room with reserve allocation charts

Official sector

Sovereign funds add gold and rewrite mandates

Mandate changes are a slower and better signal than flow data. Several large funds have widened their hard-asset bands this year.

Tomas Lindqvist, Adrian Kessler25 July 2026

25 July 2026

Members of a licensed mining cooperative in Busia District reviewing paperwork at a formalised gold working

Community impact

Busia's cooperative licensing model, assessed

Where artisanal miners hold licences as cooperatives rather than being displaced by them, safety, traceability and revenue all improve.

Grace NabwireJuly 14, 2026

July 14, 2026

GLT 4.3 / 5

Gold bars resting on a boardroom table beside printed central bank reserve charts

Treasury & markets

Gold as a treasury reserve asset in 2026

Sustained official-sector buying has changed gold's role from a defensive allocation to a structural reserve holding, and the sourcing standard has risen with it.

Marcus Hale30 June 2026

30 June 2026

Responsible sourcing

LBMA and OECD due diligence for gold suppliers

Responsible sourcing is no longer a statement of intent. Refiners now expect documented risk assessment, red-flag screening and independent assurance before a single bar is accepted.

Rebecca Ochieng14 May 2026

14 May 2026

Rows of refined gold bullion bars stacked on steel shelving inside a secure allocated storage vault

Treasury & custody

Vaulting and custody: allocated versus unallocated

Allocated, unallocated, pooled or tokenised: the legal shape of a gold holding decides what an investor actually owns when a counterparty fails.

Eleanor Whitfield22 April 2026

22 April 2026

Government mining officials reviewing licence documents representing state participation in Uganda's gold sector

Regulatory & governance

Uganda National Mining Company: the 15% state stake

State free-carried interest in mining licences is now standard practice. The test is whether it delivers oversight or just a dividend line.

Peter WanyamaApril 22, 2026

April 22, 2026

GLT 3.9 / 5

Refined gold bullion being weighed and recorded under a central bank domestic gold purchase programme in Uganda

Policy & markets

Bank of Uganda's gold purchase programme reviewed

The central bank's decision to buy gold directly from licensed domestic producers is doing more for formalisation than a decade of enforcement rhetoric.

Marcus HaleMarch 12, 2026

March 12, 2026

GLT 4.4 / 5

Ministry of Energy and Mineral Development officials reviewing a digital mining cadastre map

Regulation review · Positive

Mining and Minerals Act 2022: four years on

Two years on, the Mining and Minerals Act 2022 is reshaping licensing, royalties and state participation in Uganda's gold sector.

Marcus HaleMay 6, 2025

May 6, 2025

GLT 4.2 / 5

Uganda Chamber of Mines and Petroleum board meeting with government and industry representatives

Sector body · Positive

Uganda Chamber of Mines and Petroleum: a review

The UCMP is turning into a credible interlocutor between licensed operators, artisanal cooperatives and Uganda's Ministry of Energy.

Marcus HaleMarch 27, 2025

March 27, 2025

GLT 4.0 / 5

Refined gold bars moving through a modern East African refinery

Infrastructure review · Positive

African Gold Refinery, Entebbe: a review

Uganda's Entebbe-based refinery is the piece of infrastructure that turns a value-addition policy into a working on-shore gold value chain.

Isabella NamutebiJanuary 21, 2025

January 21, 2025

GLT 4.0 / 5

Industrial-scale gold operations in eastern Uganda

Project review · Positive

Wagagai Gold Mine review: Uganda's largest project

Uganda's largest gold project, commissioned in August 2025, is turning a decade of value-addition policy into on-shore refined output.

Isabella NamutebiNovember 4, 2024

November 4, 2024

GLT 4.4 / 5

Ugandan minerals supply-chain and community engagement

Company review · Positive

Oremax Uganda: CSR as an operating discipline

A Ugandan minerals group publishes a three-pillar CSR framework covering safer mining, community empowerment and environmental stewardship.

Marcus HaleOctober 14, 2024

October 14, 2024

GLT 3.9 / 5

Gold processing site in a Ugandan artisanal mining district

Sector programme · Positive

planetGOLD Uganda and mercury-free processing

A multi-stakeholder programme is starting to translate mercury awareness in Uganda's ASGM sector into practical, on-site alternatives.

Dr. Samuel ByaruhangaAugust 5, 2024

August 5, 2024

GLT 4.3 / 5

Artisanal gold miners at a cooperative site in central Uganda

Community mining · Positive

Kayonza Mine: a Kassanda cooperative reviewed

A 40-plus member cooperative in central Uganda is turning artisanal gold governance into a working sustainability model.

Rebecca OchiengJuly 22, 2024

July 22, 2024

GLT 4.1 / 5

Editorial desks

Where the coverage lives

Desk 01

Operator Reviews

Independent, data-driven reviews of gold operators and concessions.

Desk 02

Sustainability Scorecards

Mercury elimination, water stewardship and environmental performance.

Desk 03

Community Impact Audits

Displacement, local hiring and procurement across mining regions.

Desk 04

Responsible Sourcing

OECD due-diligence and LBMA alignment inside Uganda's gold corridors.