Exclusive MOTA 2026 Interview,
Kirill Kirilenko, Lead Precious Metals Market Service, CRU Group – United Kingdom
Gold has reached historic highs. What are the main drivers behind today’s market?
Gold’s rise is really being driven by two things at once: immediate uncertainty and a much bigger shift in how people think about the metal.
In the short term, investors are still using gold as a safe haven. Geopolitical tensions remain high, the outlook for inflation and interest rates is uncertain, and confidence in the dollar is not as strong as it once was.
That said, the broader story goes beyond the usual drivers of interest rates and the dollar. Gold is increasingly being viewed (and held) as protection against rising government debt, policy uncertainty and a more fragmented global system..
How are geopolitical developments reshaping the outlook for precious metals?
Geopolitics is becoming a more permanent part of the story.
Wars, sanctions, trade tensions and concerns about access to foreign reserves are making countries and investors think more carefully about where they hold their wealth. Gold is attractive because it has no counterparty risk and can be held inside the country.
However, the effect is not always straightforward. A geopolitical shock can also push oil prices and inflation higher, which may keep interest rates higher for longer. That can create short-term pressure on gold.
Geopolitics therefore supports the long-term case for gold, but it can still make the path very volatile.
What opportunities does the current market present for African producers?
High gold prices clearly help. They improve margins, make some projects more attractive and give companies more reason to reinvest, expand mines and look again at resources that may not have worked at lower prices.
Africa also has a strong project pipeline, so there is a real opportunity to remain central to global gold supply.
That said, high prices cannot solve everything. Projects still need financing, permits, infrastructure, stable rules and community support. Costs are also high in many African countries.
The opportunity is clearly there, we have no doubt about that. but the winners will be the producers and jurisdictions that can turn high prices into real, deliverable projects.
What conversations at MOTA do you believe will be most important for the future of Africa’s gold sector?
For me, the key conversation is about how Africa turns its geology into mines that attract capital, get built and create long-term value.
That means talking openly about policy stability, taxes and royalties, financing, infrastructure, security and local communities.
Governments should, of course, benefit from high gold prices, but companies also need clear and predictable rules.
Importantly, none of this works in isolation. In my view, the most successful projects will be the ones where companies, governments and communities work together and where the benefits are visible on all sides.
Kirill Kirilenko, Lead Precious Metals Market Service, CRU, United Kingdom
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