The global digital gold market could unlock an opportunity worth as much as US$700 billion, according to new research published by the World Gold Council (WGC) in collaboration with Boston Consulting Group (BCG). Currently valued at approximately US$45–55 billion, the market has considerable potential for expansion, supported by growing investor interest and the increasing integration of digital assets into mainstream financial services.
Quick Summary
- The global digital gold market is currently valued at US$45–55 billion.
- A new World Gold Council and BCG report identifies up to US$700 billion in potential latent demand.
- The base-case projection estimates the market could reach US$160–170 billion by 2031.
- A faster adoption scenario could take the market to US$270–280 billion by 2031.
- Tokenised gold has grown fivefold since late 2024 to approximately US$6 billion.
- Tokenised gold spot trading volumes exceeded US$90 billion in Q1 2026.
- Trust, access, utility and cost are the four major barriers to adoption.
- Approximately 65% of latent demand comes from people who do not currently own gold.
- Digital gold could generate approximately US$95 billion in genuinely new gold demand by 2031.
- Awareness of digital gold is 50% among 25–34-year-olds, compared with 23% among those aged 55 and above.
Digital Gold Emerges as a Major Growth Opportunity for the Gold Industry
The global digital gold market could unlock an opportunity worth as much as US$700 billion, according to new research published by the World Gold Council (WGC) in collaboration with Boston Consulting Group (BCG). Currently valued at approximately US$45–55 billion, the market has considerable potential for expansion, supported by growing investor interest and the increasing integration of digital assets into mainstream financial services.
The research indicates that demand for digital gold is already gaining momentum, with nearly nine in ten surveyed retail investors stating that they would consider investing in digital gold if the right conditions were in place.
Digital Gold Could Reach US$160–170 Billion by 2031
The report, titled Digital Gold: Unlocking a US$700bn Opportunity, highlights that the estimated US$700 billion opportunity represents the total latent demand that could potentially be unlocked if existing barriers to adoption were addressed. It is not a short-term market forecast.
Under its five-year base-case scenario, the report projects that the digital gold market could grow at an annual rate of approximately 27%, reaching US$160–170 billion by 2031.
However, if industry participants successfully address the barriers to adoption at a faster pace, the market could potentially expand to US$270–280 billion over the same period.
These projections underline the growing significance of digital gold as an emerging segment of the global gold ecosystem.
Tokenised Gold Gains Momentum Amid Financial Market Transformation
The expansion of digital gold is taking place alongside a broader transformation of financial markets, where tokenised investment products are increasingly becoming part of mainstream financial infrastructure.
Tokenised gold, which represents one segment of the digital gold market alongside vaulted digital gold, has witnessed substantial growth. Its market value has increased fivefold since late 2024, reaching approximately US$6 billion.
Trading activity has also accelerated. Cumulative spot trading volumes in tokenised gold exceeded US$90 billion during the first quarter of 2026, surpassing the total trading volume recorded throughout the entirety of 2025.
This growth reflects increasing investor engagement with digitally accessible gold products and the expanding role of tokenisation in investment markets.
Trust, Access, Utility and Cost Remain Key Barriers
Despite strong investor interest, the report identifies four major challenges that continue to restrict the wider adoption of digital gold: trust, access, utility and cost.
Among these, trust emerges as the most significant factor influencing investor confidence.
According to the research, investors are looking for stronger consumer protection mechanisms, transparent evidence of gold backing, convenient redemption facilities and clearer regulatory frameworks. Addressing these requirements could play an important role in building confidence and encouraging greater participation.
Accessibility is another critical consideration. The report highlights how the availability of digital gold through familiar financial platforms, including super-apps, payment applications and banking services, can significantly influence adoption.
Markets such as China, India and Indonesia, where digital gold is available through established consumer-facing platforms, currently record investor ownership levels of up to seven times higher than those in less mature markets.
This indicates that integrating digital gold into platforms already used by consumers could accelerate market penetration.
Digital Gold Could Bring New Investors Into the Wider Gold Market
One of the report’s most significant findings is that digital gold has the potential to expand the overall gold market rather than simply shift existing demand from traditional gold products to digital alternatives.
Approximately 65% of the identified latent demand comes from individuals who do not currently own gold.
The research also reveals that 52% of existing digital gold investors did not own any form of gold before making their first digital purchase. Notably, 92% of these investors subsequently purchased other forms of gold.
This finding suggests that digital gold can serve as an entry point for new consumers, introducing them to gold ownership before potentially encouraging purchases across other gold categories.
Even after accounting for some substitution between existing gold products, the report’s base-case projections indicate that digital gold could generate approximately US$95 billion in genuinely new gold demand by 2031.
Younger Investors Drive Awareness of Digital Gold
The research also highlights a generational difference in awareness of digital gold, with younger investors demonstrating significantly greater familiarity with the investment category.
Awareness reaches 50% among individuals aged 25–34, compared with just 23% among those aged 55 and above.
This gap points towards the growing relevance of digitally accessible investment products among younger consumers, who are increasingly engaging with financial services through technology-driven platforms.
For the gold industry, this demographic shift could create opportunities to connect with a new generation of investors and strengthen gold’s relevance in an increasingly digital financial environment.
World Gold Council Highlights the Need for Trusted Digital Gold Infrastructure
Commenting on the findings, David Tait, Chief Executive Officer of the World Gold Council, emphasised that investor interest in digital gold is already evident, but the market requires appropriate infrastructure to achieve its full potential.
He highlighted the role of Gold as a Service, an infrastructure initiative under development, designed to help issuers introduce competitive and compliant digital gold products more efficiently.
The initiative aims to provide access to essential capabilities such as gold sourcing, custody and compliance, reducing the need for individual issuers to develop these capabilities independently.
Tait also stressed that infrastructure development alone would not be sufficient. Establishing a liquid and trusted digital gold market would require broader industry collaboration and consistent standards to ensure that investors have confidence in the products they purchase.
BCG Sees Potential for Gold to Become a Credible Digital Asset
Urs Rahne, Managing Director and Partner at Boston Consulting Group, highlighted the underlying potential of gold in the evolving digital asset ecosystem.
According to Rahne, the research was undertaken with the belief that gold could emerge as one of the world’s most credible digital assets, with its physical nature serving as a fundamental strength rather than a limitation.
He noted that the findings reinforced the scale of the opportunity while providing greater clarity on the conditions required to unlock its full potential.
Digital Gold Could Reshape the Future of Gold Ownership
The findings from the World Gold Council and Boston Consulting Group indicate that digital gold could become an increasingly important component of the global gold market.
With the market currently valued at US$45–55 billion and a potential latent demand opportunity of US$700 billion, the category presents significant possibilities for the wider gold industry.
However, realising this opportunity will depend on more than technological innovation. Strong consumer protection, transparent gold backing, accessible redemption, regulatory clarity and integration with established financial platforms will be essential to building a sustainable market.
The projected growth also suggests that digital gold could introduce new consumers to gold ownership, potentially generating additional demand across the broader gold ecosystem.
The report, Digital Gold: Unlocking a US$700bn Opportunity, was published today live from Money20/20 USA and can be viewed here: https://www.gold.org/goldhub/research/digital-gold-market-report
FAQs
What is the current size of the global digital gold market?
The global digital gold market is currently estimated to be worth approximately US$45–55 billion, according to research by the World Gold Council and Boston Consulting Group.
What is the potential opportunity in the digital gold market?
The report identifies up to US$700 billion in latent demand that could potentially be unlocked if existing barriers to digital gold adoption are addressed.
How large could the digital gold market become by 2031?
The base-case projection estimates that the market could reach US$160–170 billion by 2031. Under a faster adoption scenario, it could potentially reach US$270–280 billion.
What are the main barriers to digital gold adoption?
The four major barriers identified are trust, access, utility and cost. Stronger consumer protection, transparent gold backing, convenient redemption and regulatory clarity could help address these challenges.
What is tokenised gold?
Tokenised gold is a digital representation of gold ownership, typically issued through blockchain-based tokens backed by physical gold. It is one segment of the broader digital gold market.
How much has the tokenised gold market grown?
The value of tokenised gold has increased fivefold since late 2024, reaching approximately US$6 billion. Its cumulative spot trading volumes exceeded US$90 billion in the first quarter of 2026.
Can digital gold attract new gold buyers?
Yes. The report indicates that approximately 65% of latent demand comes from individuals who do not currently own gold. It also found that 52% of existing digital gold investors had no gold before their first digital purchase.
Which age group has the highest awareness of digital gold?
Individuals aged 25–34 demonstrate the highest awareness at 50%, compared with 23% among those aged 55 and above.
What is Gold as a Service?
Gold as a Service is an infrastructure initiative under development by the World Gold Council. It aims to help issuers bring digital gold products to market through shared sourcing, custody and compliance capabilities.
Source: SVAR Media Network
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