Global Gold Bullion Market Analysis 2024 – Estimated Market Size And Key Drivers

The Gold Bullion Global Market Report 2024 by The Business Research Company provides market overview across 60+ geographies in the seven regions – Asia-Pacific, Western Europe, Eastern Europe, North America, South America, the Middle East, and Africa, encompassing 27 major global industries. The report presents a comprehensive analysis over a ten-year historic period (2010-2021) and extends its insights into a ten-year forecast period (2023-2033).

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According to The Business Research Company’s Gold Bullion Global 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 13.0%. The growth in the historic period can be attributed to lower interest rates, currency fluctuations, increasing 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 growth in the forecast period can be attributed to ongoing demand for gold in jewelry and industrial applications, rising demand from retail consumers, increasing adoption of gold jewelry among men, growing popularity, and changing lifestyle choices. Major trends in the forecast period include technology advancement, inflation and interest rates, advances in mining technology, growing emphasis on environmental, social, and governance (ESG) criteria, and changes in mining regulations.

The growing jewelry demand is expected to propel the growth of the gold bullion market going forward. Jewelry refers to decorative items worn for personal adornment, often made of precious metals such as gold. The rise in jewelry demand is driven by increasing consumer preference for luxury items and investments in high-value assets. Gold bullion provides a high-quality, pure gold source for crafting durable and attractive jewelry due to its intrinsic value and malleability. For instance, in January 2024, according to data published by the World Gold Council, a UK-based international trade organization for the gold industry, global demand for gold jewelry was 2,089 metric tons in 2022 and rose to 2,093 metric tons in 2023. This increase resulted in an 8% growth in value, reaching a record US$131 billion. Therefore, the growing jewelry demand is deiving the growth of the gold bullion market.

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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

Major companies operating in the gold bullion market are focused on developing innovative solutions, such as tokenized physical gold trading, to enhance accessibility and liquidity for investors. Tokenized physical gold trading refers to the use of blockchain technology to create digital tokens that represent ownership of physical gold, enabling easier and more secure trading. For instance, in December 2023, HSBC Holding Plc, a UK-based financial service company, launched the HSBC Gold Token, a tokenized gold product designed for retail investors in Hong Kong. This initiative represents a major advancement in accessibility, enabling customers to purchase fractional ownership of physical gold via digital tokens recorded on a distributed ledger. It seeks to democratize gold investment by offering a regulated and flexible option for retail investors.

The gold bullion market report table of contents includes:

1. Executive Summary
2. Gold Bullion Market Characteristics
3. Gold Bullion Market Trends And Strategies
4. Gold Bullion Market – Macro Economic Scenario
5. Global Gold Bullion Market Size and Growth
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32. Global Gold Bullion Market Competitive Benchmarking
33. Global Gold Bullion Market Competitive Dashboard
34. Key Mergers And Acquisitions In The Gold Bullion Market
35. Gold Bullion Market Future Outlook and Potential Analysis
36. Appendix