Gold may soon become as easy to use as money in a digital wallet, as younger investors embrace technology and financial markets reshape one of the world's oldest safe-haven assets.
That is the vision of David Tait, chief executive officer of the World Gold Council, who believes digital innovation will change not only how people invest in gold, but also how the precious metal functions within the global financial system. He made the remarks during an international gold conference held recently in Lanzhou, Gansu province.
Gansu, home to China's second-largest gold reserves, generated about 180 billion yuan ($26.6 billion) in industrial output in its gold sector last year.
The province is seeking to move beyond resource extraction toward higher-value development. "We will leverage this conference as an opportunity to deepen the integration of resource advantages, enterprise strengths and market vitality, and accelerate the high-end, intelligent, green and secure development of the gold industry," Governor Ren Zhenhe said at the opening ceremony.
Beyond advancing the industry's high-quality development, Tait believes the next major transformation will come from the market itself.
"The biggest transformation is not only where gold is mined, but how it is owned, traded and used," he said. "The most important thing will be the ability to use a digital form of gold in everybody's wallet."
He believes digitalization will make gold easier to buy, trade and use as collateral, allowing a broader range of institutional investors, including pension funds, insurers and asset managers, to incorporate gold into diversified portfolios.
To support that transition, the WGC is advancing its Gold247 initiative, which aims to connect the physical gold market with digital financial infrastructure. The initiative includes a global database for responsibly sourced gold and a "gold-as-a-service" platform designed to simplify the launch and adoption of digital gold products.
Tait expects younger investors to become one of the biggest drivers of that transformation.
As wealth is passed from older to younger generations, he said, tech-savvy consumers are increasingly comfortable managing investments through smartphones rather than buying traditional gold bars or jewelry.
"They just click and buy. That's the future," he said.
Although physical bars and coins will remain an important part of the market, trusted digital products backed by physical gold are likely to become increasingly attractive because they are easier to access, trade and integrate into broader investment portfolios.
Tait also believes China is well positioned to play a larger role in shaping the global gold market.
He described the Shanghai Gold Exchange as a model with international relevance and said closer coordination between Shanghai and the Hong Kong Special Administrative Region could strengthen global gold trading and custody services while supporting the internationalization of China's gold market.
That vision was echoed throughout the conference. Industry leaders called for closer cooperation in mineral exploration, technological innovation, green development and financial services, while expanding Belt and Road partnerships to build a more resilient, sustainable and internationally connected gold industry.
As the industry enters the digital era, Tait believes China's growing influence, from market infrastructure to responsible sourcing, will help shape the next phase of global gold development.
Wu Yuexuan contributed to this story.
