Gold Bullion Market Report 2026

The gold bullion market size has grown rapidly in recent years. It will grow from $86.42 billion in 2025 to $97.72 billion in 2026 at a compound annual growth rate (CAGR) of 13.1%. The growth in the historic period can be attributed to central bank gold reserve accumulation, use of gold as inflation hedge, historical currency volatility, long-standing investor trust in gold, global precious metal trading infrastructure.

The gold bullion market size is expected to see rapid growth in the next few years. It will grow to $159.41 billion in 2030 at a compound annual growth rate (CAGR) of 13%. The growth in the forecast period can be attributed to rising geopolitical uncertainty, increasing demand for safe-haven assets, growth of digital investment platforms, expanding retail bullion participation, portfolio diversification strategies. Major trends in the forecast period include increasing institutional allocation to physical gold, rising demand for secure bullion storage solutions, growing preference for high-purity minted bars, expansion of digital gold trading platforms, enhanced focus on supply chain traceability.

The increasing demand for jewelry is expected to drive the expansion of the gold bullion market in the coming years. Jewelry consists of decorative items worn for personal adornment, typically crafted from precious metals like gold. The surge in jewelry demand is fueled by rising consumer preference for luxury goods and investments in high-value assets. Gold bullion offers a premium, pure gold source for creating durable and appealing jewelry due to its inherent value and malleability. For example, in January 2024, data published by the World Gold Council, a UK-based international trade organization for the gold industry, indicated that global demand for gold jewelry was 2,089 metric tons in 2022, increasing to 2,093 metric tons in 2023. This growth led to an 8% rise in value, reaching a record US$131 billion. Consequently, the rising jewelry demand 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 2025. The regions covered in the gold bullion market report are Asia-Pacific, South East Asia, 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, Taiwan, Russia, South Korea, UK, USA, Canada, Italy, Spain.

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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