In welcome remarks at the Global Precious Metals Conference, Bank of Italy Deputy Governor Sergio Nicoletti Altimari reaffirmed the central bank’s longstanding policy of retaining gold as a strategic balance-sheet asset. Italy holds 2,450 tonnes, the world’s fourth-largest official gold reserve. Gold remains a safe haven, a portfolio diversifier and an asset without credit or default risk, supporting reserve value during geopolitical uncertainty, market turmoil and systemic stress. Altimari also highlighted a structural shift in gold demand since 2022. Central bank purchases, mainly by emerging economies, have gained importance, while exchange-traded fund inflows have expanded retail and shorter-term participation and high prices have reduced jewellery’s relative share. The freezing of Russian foreign assets and concerns about high public debt and fiscal expansion have supported demand, weakening the traditional relationship between gold and real yields in 2025 and early 2026. Rising price volatility warrants close monitoring, while tokenisation and other financial innovations could bring further market changes.
Bank of Italy Deputy Governor reaffirms strategic role of 2,450-tonne gold reserve, flags higher market volatility
Bank of Italy Deputy Governor Sergio Nicoletti Altimari reaffirmed gold’s strategic role in the central bank’s reserves, which total 2,450 tonnes. He highlighted stronger central bank and exchange-traded fund demand, a weaker relationship with real yields and substantially higher price volatility. Tokenisation and other financial innovations could drive further change.