Gold Bullion Market Report 2024

The gold bullion market size has grown rapidly in recent years. It will grow from $67.75 billion in 2023 to $76.58 billion in 2024 at a compound annual growth rate (CAGR) of 13%. The growth during the historic period can be attributed to several factors, lower interest rates, currency fluctuations, rising demand for gold as a safe-haven asset, economic uncertainty, and increased investment demand.

The gold bullion market size is expected to see rapid growth in the next few years. It will grow to $125.72 billion in 2028 at a compound annual growth rate (CAGR) of 13.2%. The anticipated growth during the forecast period can be attributed to several factors, persistent demand for gold in jewelry and industrial applications, rising interest from retail consumers, increasing adoption of gold jewelry among men, and evolving lifestyle choices. Major trends expected to shape the forecast period include advancements in technology, inflation and interest rate fluctuations, improvements in mining technology, a growing focus on environmental, social, and governance (ESG) criteria, and changes in mining regulations.

The increasing demand for jewelry is expected to drive the growth of the gold bullion market. Jewelry, which includes decorative items made from precious metals such as gold, is seeing a rise in demand due to a growing consumer preference for luxury items and investments in high-value assets. Gold bullion, known for its purity and malleability, is an ideal material for making durable and attractive jewelry. For example, data from the World Gold Council, a UK-based trade organization for the gold industry, revealed that global gold jewelry demand increased from 2,089 metric tons in 2022 to 2,093 metric tons in 2023. This growth led to an 8% rise in value, reaching a record US$131 billion. Thus, the increasing demand for jewelry is contributing to the growth of the gold bullion market.

Companies in the gold bullion market are focusing on innovative solutions, such as tokenized physical gold trading, to improve accessibility and liquidity for investors. Tokenized physical gold trading uses blockchain technology to create digital tokens that represent ownership of physical gold, facilitating easier and more secure trading. For instance, in December 2023, HSBC Holding Plc, a UK-based financial services company, introduced the HSBC Gold Token, a tokenized gold product for retail investors in Hong Kong. This development allows customers to buy fractional ownership of physical gold through digital tokens on a distributed ledger, providing a regulated and flexible investment option.

In November 2023, Newmont Corporation, a US-based gold mining and exploration company, acquired Newcrest Mining Limited for $16.8 billion. This acquisition enhances Newmont’s portfolio by combining it with Newcrest’s holdings, which include over half of the world’s Tier 1 gold mines. The merger aims to optimize operations and improve sustainability practices across the newly formed entity. Newcrest Mining Limited is an Australian gold production company.

Major companies operating in the gold bullion market are 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.

Asia-Pacific was the largest region in the gold bullion market in 2023. The regions covered in the gold bullion market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.

The countries covered in the gold bullion market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Canada, Italy, Spain.

Gold bullion refers to gold in bulk form, often cast into bars or minted into coins, and valued primarily by its weight and purity rather than by any collectible or numismatic value. It is commonly used as an investment and a store of value, and is held by investors, institutions, and governments.

The main types of gold bullion include gold bars and gold bullion coins. Gold bars are physical gold products created by refining and molding gold into rectangular shapes, available in various sizes and weights, with higher purity levels typically indicated by stamps from the mint or refiner. Gold bullion is used in several applications such as in IT-related electrically conductive materials, jewelry, dental alloys, and as investment commodities. Distribution channels for gold bullion include both online and offline methods.

The gold bullion market research report is one of a series of new reports that provides gold bullion market statistics, including the gold bullion industry's global market size, regional shares, competitors with a gold bullion market share, detailed gold bullion market segments, market trends and opportunities, and any further data you may need to thrive in the gold bullion industry. This gold bullion market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenarios of the industry.

The gold bullion market consists of sales of gold rounds and gold ingots. Values in this market are ‘factory gate’ values, that is the value of goods sold by the manufacturers or creators of the goods, whether to other entities (including downstream manufacturers, wholesalers, distributors and retailers) or directly to end customers. The value of goods in this market includes related services sold by the creators of the goods.

The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD, unless otherwise specified).

The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.


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