The gold bullion market has grown rapidly, increasing from $67.75 billion in 2023 to $76.58 billion in 2024, reflecting a compound annual growth rate (CAGR) of 13.0%. This growth is driven by lower interest rates, economic uncertainty, and increasing investment demand. The market is projected to reach $125.72 billion by 2028, with a CAGR of 13.2%. Future growth is supported by ongoing demand for gold in jewelry and industrial applications, rising consumer interest, and changing lifestyle choices. Key trends include technological advancements in mining, the impact of inflation, and a focus on ESG criteria.
Major Driver In The Gold Bullion Market
The rising demand for jewelry is set to drive the growth of the gold bullion market. Jewelry, often made of precious metals like gold, is increasingly popular due to a growing preference for luxury items and high-value investments. Gold bullion, known for its quality and purity, is essential for creating durable and attractive jewelry. According to the World Gold Council, global demand for gold jewelry increased from 2,089 metric tons in 2022 to 2,093 metric tons in 2023, achieving an 8% growth in value, reaching a record $131 billion. This surge in jewelry demand is thus fueling the growth of the gold bullion market.
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Gold Bullion Market Competitive Landscape
Zijin Mining Group Co. Ltd., Perth Mint, Johnson Matthey, Mitsubishi Materials, Newmont Corporation, Barrick Gold Corporation, Shandong Gold Mining Co. Ltd., Agnico Eagle Mines Limited, AngloGold Ashanti Ltd., PJSC Polyus, Kinross Gold Corporation, Goldcorp Inc., Royal Canadian Mint, Fresnillo PLC, Yamana Gold Inc., Randgold Resources Limited, Eldorado Gold Corporation, Alamos Gold Inc., APMEX Inc., Elemetal LLC., Ohio Precious Metals, Valcambi Suisse, Argor-Heraeus
Key Gold Bullion Market Trend
The gold bullion market is evolving with the introduction of tokenized physical gold trading, which enhances accessibility and liquidity for investors. Tokenized trading uses blockchain technology to create digital tokens representing ownership of physical gold. For instance, in December 2023, HSBC Holding Plc, a UK-based financial services firm, launched the HSBC Gold Token. This tokenized gold product allows retail investors in Hong Kong to purchase fractional ownership of physical gold through digital tokens, promoting broader access and flexibility in gold investment.
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Gold Bullion Market Segmentation
The gold bullion market covered in this report is segmented –
1) By Type: Gold Bars, Gold Bullion Coins
2) By Application: Information Technology (IT)-Related Electrically Conductive Materials, Jewelry Materials, Dental Alloy Materials, Investment Commodities
3) By Distribution Channel: Online, Offline
By Geography:The regions covered in the gold bullion market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Canada, Italy, Spain.
Asia-Pacific was the largest region in the gold bullion market in 2023.
The Gold Bullion Global Market Report 2024 furnishes information about the global gold bullion market, encompassing details like market size, projections for growth, segmentation across various sectors and regions, and an overview of competitors, including their revenues, profiles, and market shares. Furthermore, the report pinpoints potential opportunities and strategic directions derived from market trends and the strategies adopted by key competitors. The report also offers an assessment of how the COVID-19 pandemic, the Russia-Ukraine conflict, and increasing inflation have affected both global and regional markets, furnishing valuable strategic insights for businesses.
