Rising Bharat Summit: Gold’s big moment? What the World Gold Council chief revealed

Gold markets proceed to rewrite historical past because the steel’s worth stays elevated close to document ranges whereas geopolitical  elements reshape how bullion is valued and held.

From surging ETF inflows and central financial institution accumulation to regulatory shifts and digital innovation, gold is more and more on the centre of strategic portfolios and monetary market debates worldwide.

David Tait, chief govt officer of the World Gold Council (WGC), spoke intimately concerning the forces reshaping gold markets throughout a dialog at Network18’s the Rising Bharat Summit being held at Bharat Mandapam in New Delhi on February 27-28, 2026.

Gold’s international rally extends a development that noticed it rise greater than 64 per cent in 2025 — one of the crucial highly effective advances in many years — and costs have continued to commerce close to unprecedented highs this yr with sturdy momentum this yr.

Spot gold reached a document $5,594.82 per ounce on January 29 and continues to hover above $5,000 per ounce, with analysts projecting additional upside towards $6,000-$6,300 per ounce by year-end given persistent demand and macro dangers.

In India, home gold costs stay strong, with 24K gold buying and selling above ₹160,000 per 10 grams on February 27, 2026, exhibiting resilience regardless of seasonal fluctuations and corrections from duty-driven volatility.

On the core of this international gold ecosystem is the WGC led by Tait.

Why Gold’s momentum isn’t slowing

Gold is being formed by forces far past easy worth hypothesis. In accordance with the World Gold Council’s Gold Demand Tendencies report, whole international gold demand in 2025 exceeded 5,000 tonnes for the primary time ever, pushed by document funding and continued central financial institution accumulation.

Investor urge for food for gold — particularly by exchange-traded funds (ETFs) — stays vigorous in early 2026, with year-to-date ETF inflows already monitoring strongly.

World funds pulled in additional than $18 billion in gold ETF flows by February 20, led by america, China and India, indicating broad investor demand at the same time as costs keep elevated.

Current ETF knowledge from the World Gold Council reveals massive web inflows in Asia, with China contributing roughly $6 billion and India about $2.5 billion by international ETF automobiles — a part of a five-month streak of sturdy web additions.

Reflecting on these broad international patterns, Tait revealed why the present bull market persists, stating that one of many first “foremost explanation why gold will proceed to reside is politics and geopolitics.”

He recognized politics and geopolitics as foundational drivers — a reference to escalating tensions, commerce coverage shifts, and investor issues round sovereign debt and foreign money dangers — all of that are boosting safe-haven demand.

Tait went on to focus on central financial institution shopping for as a long-term underpinning drive, “You’ve received central financial institution shopping for, which has been constantly sturdy during the last three years, round a thousand tonnes final yr, barely decrease, however I see that persevering with.”

This central financial institution development aligns with a number of knowledge sources exhibiting 15+ years of cumulative gold purchases by official sector establishments, with web purchases exceeding 1,000 tonnes in every of the latest years previous to 2025.

Speaking concerning the unstable position of the Trump administration within the final yr, Tait stated, “I believe the basic that runs by this complete gold rally is the worry of debt runaway.”

“You bear in mind final April when Mr Trump introduced tariffs all over the place. You keep in mind that the US yield curve jumped dramatically. It wasn’t a mirrored image of inflation. It was an absence of belief second within the US,” he acknowledged referring to US President Donald Trump’s international tariffs.

“I believe Mr Trump realised that they had been on the cusp of not having the ability to finance any debt going ahead, and that will be a monetary disaster once more. That worry continues to be working by markets.”

“There’s one potential state of affairs the place I’d be nervous about gold. That’s if Mr Trump manages to generate very excessive GDP development in america, one thing like six to seven p.c subsequent yr, which may be very unlikely. If he does that with average inflation, he may be capable to mission that nationwide debt is on a sustainable path. However that could be a very low likelihood,” Tait opined.

“So there are a number of sturdy explanation why gold continues increased, and one very distant purpose why it would come down.”

Analysts and establishments at the moment are projecting continued upward worth stress. Main international funding banks like JP Morgan have raised their long-term forecasts, estimating gold might attain $6,300 per ounce by the tip of 2026 as a consequence of structural demand from central banks and traders.

A Motilal Oswal report has additionally framed the latest run as a part of a “structural repricing section” and suggests gold might attain $6,000 inside the subsequent 12 months and even $7,500 within the medium time period if geopolitical and financial pressures intensify.

How India’s gold market is evolving

India stays a cornerstone of worldwide gold consumption, each culturally and economically. Whereas jewelry demand quickly softened in 2025 as a consequence of excessive costs, funding demand soared, notably by ETFs and fashionable financial savings codecs.

Knowledge compiled by early 2026 reveals Indian gold ETFs passing 110 tonnes in cumulative holdings, with web additions persevering with into February — a transparent indication that Indian traders are diversifying into gold by monetary merchandise in addition to conventional jewelry.

Tait shared his perspective on how this development is evolving, stating, “You’ve received deregulation in China. The insurance coverage business
has been opened to gold for the primary time. That’s a 5 trillion greenback market. In India, you’ve received development within the ETF world, which is proving a lovely method for younger folks to purchase gold. Twenty-five ETFs opened final yr alone in India.”

His emphasis on the youth phase underlines a major shift in Indian gold demand — from cultural ornamentation to funding automobiles that match fashionable portfolios.

“In Japan, you’ve received a technology of older folks passing on wealth to youthful people who find themselves confronted with inflation, depreciating foreign money, geopolitics and nationalism — issues we haven’t actually skilled within the final 30 years. That technology additionally has a predisposition to gold.”

Gold’s cultural roots in India, mixed with rising institutional codecs, place the nation as one of many fastest-growing markets for diversified gold possession.

“I believe international gold demand will proceed. India is especially nicely supported as a result of gold is a part of your tradition.”

Regulators in India have additionally just lately amended mutual fund valuation norms for gold and silver, requiring funds to make use of home spot costs from recognised Indian exchanges beginning April 2026 — a transfer aimed toward higher aligning valuations with native circumstances.

How central banks are viewing gold now

Whereas non-public and retail demand has drawn headlines, central banks have been quietly reshaping gold’s strategic position in sovereign reserve portfolios.

Reasonably than promoting gold even after massive valuation positive aspects, many central banks view bullion as a core strategic reserve somewhat than a liquid rebalancing asset.

“Central banks proceed to purchase. We have now not seen a lot promoting in any respect … Central banks don’t appear to think about gold that method. They see it as a strategic reserve.”

This behaviour displays a broader shift amongst reserve managers — notably exterior america — towards diversifying property away from greenback dominance amid extended coverage uncertainty and geopolitical tensions.

World estimates recommend official sector gold shopping for might once more method traditionally excessive ranges in 2026, with projections of roughly 1,000 tonnes of central financial institution additions and continued sturdy inflows into physical-backed gold ETFs — one other sign of structured somewhat than tactical demand.

Gold as Funding vs Jewelry

Tait weighed in on the concept that gold funding may compete with conventional jewelry.

“Probably the most notable a part of the way forward for Indian gold demand might be establishments. Pension funds and insurance coverage funds embedding gold into portfolios continues to be comparatively nascent. Jewelry is clearly nicely established in India, however the youthful technology, alongside jewelry, will more and more maintain gold in codecs like ETFs.”

He defined that traditionally gold was seen as advanced and capital-intensive, limiting its position in portfolios past jewelry. However the business has spent years making gold extra divisible, extra clear and less complicated for traders to carry.

“In my earlier profession at Goldman Sachs, I traded each different asset class besides gold. One purpose was that gold was sophisticated and capital-intensive to carry. We’ve spent six or seven years attempting to make gold much less capital-intensive, simpler to carry, extra divisible and extra clear.”

His message is obvious: institutional acceptance is pivotal to future demand.

“I anticipate that over the approaching years, institutional traders will start to simply accept gold extra readily. That 5 trillion greenback insurance coverage market is an enormous instance. Institutional gold shopping for is the longer term, and that’s why we try to make it as straightforward as potential.”

Digitisation & the way forward for gold possession

Past conventional codecs and ETFs, the World Gold Council is actively creating digital options to modernise gold’s position within the monetary system — from digital allotted markets to tokenisation.

“We differentiate between digitalisation and tokenisation. We’re working with all the most important market makers in London to launch a completely digital allotted gold market.”

This platform would give authorized possession of fractionalised allotted gold, enabling simpler settlement, custody, collateralisation and immediate switch — a possible game-changer for each institutional and retail holders.

“This provides you authorized possession of fractionalised allotted gold. It doesn’t matter who holds the asset, you might have authorized possession of digital gold for the primary time in historical past.”

He outlined how this might unlock gold as a extra fluid monetary asset, notably if central banks and establishments undertake digital gold for sooner motion or as backing for future digital currencies.

“Sooner or later, central banks might use their gold reserves extra successfully. It might even again digital currencies sooner or later. This might ignite a brand new period for gold.”

Regulatory hurdles for gold

Nonetheless, important hurdles stay earlier than gold attains mainstream monetary standing just like sovereign bonds or equities.

“One of many difficulties gold faces from a regulatory perspective is that it isn’t thought to be a high-quality liquid asset,” Tait stated.

Historic gaps in commerce reporting and transparency — notably in London’s bullion market — have hampered regulators’ skill to gauge gold’s liquidity. Enhancing knowledge methods is a precedence for the WGC.

“We’re working to enhance transparency and reporting so regulators can see that gold is liquid and resilient. If gold turns into recognised as a high-quality liquid asset, it turns into mainstream. Many capital burdens for asset managers would fall away. That’s the holy grail we try to realize,” Tait revealed.

Recognition as an HQLA might considerably widen gold’s institutional adoption, decreasing capital costs and broadening its use in regulated portfolios.

Conserving in thoughts to supply accountable gold

As gold’s reputation grows, so do issues about moral sourcing and environmental and social governance (ESG) requirements. The World Gold Council has been driving accountable sourcing initiatives to make sure transparency within the bullion provide chain.

“This is without doubt one of the most necessary issues we’re engaged on. Once I joined, I used to be bewildered that there was no database to test the place gold got here from.”

The WGC, in partnership with the London Bullion Market Affiliation, has established a provide chain database that tracks large-scale miners and refiners, aiming to present customers and traders visibility into the place gold originates.

“We have now now arrange a database with the London Bullion Market Affiliation and business companions. Massive-scale miners and refiners are onboarding. Sooner or later, customers will be capable to test the place their gold comes from.”

Tait emphasised that accountability issues:

“My hope is that if gold is exterior this database, the marketplace for it can shrink.”

He additionally raised issues about casual provide channels, stating, “Loads of gold that comes into India comes by way of Dubai, and far of that originates from small-scale mining, the place there are issues round youngster labour and mercury use.”

He confused that international cooperation and coverage frameworks are important, describing initiatives with G7 and G20 governments to advertise moral sourcing and scale back flows from areas with poor labour and environmental practices.

“We’re working with G7 and G20 governments on a Gold Processing Initiative to redirect flows away from unhealthy actors and guarantee gold is responsibly mined, refined and traded.”

“I enchantment to you: please be sure to know the place your gold comes from. That is within the curiosity of youngsters and ladies who’re trafficked. We have now to cease that.”

In an period of macro uncertainty, geopolitical stress and monetary transitions, gold’s position as each a retailer of worth and strategic asset seems resilient.

“Proceed to remain invested in gold, however be sure it’s responsibly sourced,” Tait concluded.

The News18 Rising Bharat Summit, one in all India’s flagship occasions on present affairs is being held at Bharat Mandapam in New Delhi from February 27, 2026 to February 28, 2026.