Bank of Italy: gold subject to volatility and driven by digital transformation and central banks
The deputy director of the Bank of Italy Sergio Nicoletti Altimari at the Global Precious Metals Conference in Sorrento
Quick Look
The deputy director of the Bank of Italy Sergio Nicoletti Altimari highlights the growing volatility of gold, influenced by digital transformation, central bank purchases and geopolitical uncertainty, at the Global Precious Metals Conference in Sorrento.
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Why It Matters
Statements by the deputy director general of the Bank of Italy at the Global Precious Metals Conference.
Gold has also become the subject of "price volatility" in recent years and "further changes may come from digital transformation, including tokenisation. The speed and unpredictability of current developments are affecting all markets and gold is no exception". This is what the deputy director of the Bank of Italy Sergio Nicoletti said when introducing the Global Precious Metals Conference in Corso Sorrento.
Altimari recalled how a "structural change in the composition of demand occurred in 2022, reflecting both the arrival of new entities and the renewed role of some traditional forms of demand. The share of central banks has risen, strongly driven by purchases from emerging economies. Jewelery remains the dominant source but its relative weight has fallen" also due to high prices. The growing accessibility to ETFs has "widened market participation among retail customers and short-term investors".
Altimari then cited geopolitical uncertainty and the freezing of Russian assets as well as the phenomenon of the 'debasement trade', the result of growing fears over high sovereign debts. These are all forces "that were particularly evident in 2025 and 2026."
Open Questions
- What will be the specific regulatory impacts of tokenization on gold?
