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Is refining raw material a good way of getting gold upgrade material
Refining works but you need to refine a lot of raw mats.
Doing daily crafting writs is also a good way to get gold upgrade mats.
^^^^This, but you also should have max points in extraction passives.
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For what it's worth, in a stack of 200 raw materials, with max points in the extraction passive, you'll usually get 1 Gold Temper. So, set your expectations accordingly.
I have maxed out hireling and extraction passives. I will do some writs and hope for the best. What I do not need I will sell for gold to buy gold upgrade material.