Exclusive Interview with World Gold Council Global Head of Research Ankai: The Long-term Allocation Logic of Gold Remains Unshaken

From July 16 to July 17, the 2026 China International Gold Conference and Gansu High-Quality Gold Industry Development Conference were held in Lanzhou, Gansu Province. In the first half of 2026, the gold market experienced considerable volatility, and market movements, central bank gold purchases, and gold’s role in portfolio allocation have all received wide attention. Addressing these closely watched issues, “Sina Finance” conducted an exclusive interview with Juan Carlos Artigas, Chief Executive Officer for the Americas and Global Head of Research at the World Gold Council, to provide rational and professional answers for gold investors.

Sina Finance: In the past three years, gold prices have been driven by geopolitical risks, policy changes, central bank gold buying, and market demand. In 2022, the Fed’s actual rate hikes only prompted about a 20% pullback in gold prices. However, current expectations of continued rate rises or prolonged high interest rates have triggered an even greater retreat in gold prices. How do you interpret this shift in market behavior?

Juan Carlos Artigas: There are two factors to consider. First, in 2020 and 2021, gold prices were generally in a lower range, and then began to rise as pent-up market demand entered. In 2022, significant changes occurred, mainly a sharp increase in central bank gold demand. The influence of interest rates began to impact gold prices in 2022 and remains an important factor today. The current price moves are also influenced by major trends. Last year, gold rose by nearly 70%, and prices were already high, which led some investors to take profits and reduce their holdings, causing prices to pull back. We need to view the issue with a longer-term perspective. Since last year, gold prices have trended upwards overall, with periodic corrections and equilibrium seeking being normal market phenomena.

Sina Finance: We noticed that in the first half of this year, gold prices during Asian trading hours diverged significantly from those seen during European and US trading hours. In your view, will this divergence between Asian and Western markets persist in the long term? What do you see as the core reasons for this separation?

Juan Carlos Artigas: I don’t think this divergence will necessarily persist in the long term. Last year, US and Asian investors were completely aligned in their trading directions. The current divergence mainly comes from two factors. First, interest rates in the US and Western markets are high, while they remain low in Asian markets like China and Japan. The opportunity cost for holding gold is higher in the US but lower in Asia—this is the first reason. Second, there are differences in risk perception. US investors tend to see regional conflicts as short-term or temporary, while investors outside the US, especially in Asia, view such conflicts as causing long-term and structural impacts. Both groups of investors respond to interest rates and risk, but they operate in different market environments. If US rates drop or market risk concerns intensify, Asian and Western markets may once again align in trading direction.

Sina Finance: Despite historically high volatility in gold prices from 2025 to 2026, central bank gold purchases have remained stable. What do you think are the core driving forces behind this?

Juan Carlos Artigas: Central banks see gold as a highly valuable supplemental category and strategic asset in their foreign reserves. According to our research, central banks universally believe gold is an excellent tool for asset diversification. Gold performs steadily during risk events, can hedge against inflation, and protects purchasing power—these are key reasons central banks continue to increase gold holdings. Lastly, emerging market central banks are especially focused on gold’s role in hedging geopolitical risks.

Sina Finance: Lastly, a question that investors are most concerned about. Recently, gold prices have fluctuated around $4,000 per ounce—having dropped significantly from the start of the year. Against this backdrop, investors have become more cautious about gold investments. In your opinion, looking at a 3–5 year or even a 10-year horizon, does gold remain a worthwhile asset for global retail investors to allocate in their portfolios?

Juan Carlos Artigas: We do not offer investment advice, but our ongoing analysis shows that gold can improve long-term investment allocations. Gold can bring long-term returns, reduce portfolio risk, diversify exposure, and offers excellent liquidity. In the medium to long term, these multiple attributes help make a portfolio stronger, more resilient to risk, and better able to withstand market volatility—with overall improved performance. This is the conclusion drawn after our comprehensive review of historical data.

Editor: Zhu Henan