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Gold Bullion Market Analysis 2024: Key Trends and Industry Insights
Gold Bullion Global Market Report 2024
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According to The Business Research Company's, 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.
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Market Drivers and Trends:
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.
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.
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Major Key Players of the Market:
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
Gold Bullion Market 2024 Key Insights:
• 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%.
• Increasing Jewelry Demand Fuels Growth In The Gold Bullion Market
• Innovative Solutions Enhancing Accessibility And Liquidity In The Gold Bullion Market
• Asia-Pacific was the largest region in the gold bullion market in 2023
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