GoldBod changes gold assay regime, makes XRF testing definitive from October 1

The Ghana Gold Board (GoldBod) has announced changes to its gold assay regime, effective October 1. Under the new regime, X-Ray Fluorescence (XRF) assay will be the definitive method for determining the purity of gold purchased locally and the basis for payment. This replaces the water-density test, which will no longer be used as the definitive basis for determining gold purity, pricing, or payment.

The water-density test will only be used as an indicative assessment of purity and will not determine the final price or payment on its own.

GoldBod has provided exceptions where water-density testing may still be used, such as when a licensed buyer faces operational or logistical constraints that prevent the use of XRF, or where both buyer and seller agree to use the water-density method. In such cases, the gold dore will be purchased at a 0.7% discount on the purity determined through the water-density method.

The new regime also introduces a specific tolerance for differences between successive XRF assay results. Licensed buyers must apply an appropriate purity deviation or "splitting" limit when comparing successive XRF assay reports, with the permissible difference between one XRF report and another remaining within ±0.1%. If the difference exceeds that limit, the transaction cannot proceed based on the differing results and must undergo further verification before conclusion or reporting to the Board.

GoldBod has directed licensed buyers and aggregators to ensure they are fully operationally ready by October 1 to comply with the notice.