Bank of Italy highlights strategic importance of gold reserves

Sergio Nicoletti Altimari, Vice Director General of the Bank of Italy, highlighted the evolving strategic role of gold during the Global Precious Metals Conference. He noted that central bank purchases are increasing, particularly among emerging economies, driven by geopolitical risks and concerns regarding high levels of public debt.

Italy remains the world's fourth-largest holder of official gold reserves, possessing approximately 2,450 tons. While many central banks reduced their gold holdings in previous decades when the link between currency and gold was severed, the Bank of Italy maintained its reserves as a strategic pillar. The market is currently seeing increased volatility and a growing presence of retail investors through new financial instruments.