Gold’s rally is being driven by deeper structural forces than short-term headlines. Speaking with Kitco Mining’s Paul Harris at the Future Minerals Forum 2026 in Riyadh, World Gold Council CEO David Tait explains why demand for gold has broadened and what could ultimately change the trend.

Tait says central bank buying remains an important foundation, with purchases still close to 1,000 tonnes, but argues gold’s role is increasingly portfolio-driven. He points to shifts in Japan’s investor base, rapid growth in India’s gold ETF market, and regulatory changes allowing Chinese insurers to allocate to gold, opening a multi-trillion-dollar pool of potential demand. At the core of the rally, he says, is concern over rising sovereign debt and the risk of a long-term debt spiral.

“I can see six very, very, very strong reasons why the gold price should go higher,” Tait said, adding that only an unexpected success in managing debt through growth and lower interest rates could mark a turning point.

He also outlines the World Gold Council’s work to modernize gold’s role in the financial system through digital infrastructure that could make gold easier to use as collateral, while warning that sustained high prices risk expanding informal mining and environmental damage if supply chains are not formalized.

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00:26 – Structural Forces Driving Gold Demand
02:20 – US Debt, Interest Rates, and the Gold Market
04:50 – Digital Gold Reform and Artisanal Mining Risks
11:29 – Gold Price Sustainability and Investor Behavior
14:45 – Global and Social Implications of High Gold Prices
17:26 – Outlook and Closing Remarks
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Gold’s Demand Story Has Broadened Beyond Central Banks | David Tait

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