Gold Market Primer: Market Size and Structure
Report by World Gold Council – August 18, 2026
Executive Summary
The global gold market holds a long history and a strong place in the world. Gold stands out on account of its rare nature, lasting above-ground supply, and dual use as a consumer good and an investment. This report gives an overview as of the end of 2025. It covers the market’s size, its structure, and key features that keep gold in financial portfolios, official reserves, and everyday use.
The Market Size: A US$31 Trillion Asset
Gold is rare and large. The above-ground stock weighs about 220,000 tonnes. This stock is valued at US$31 trillion. The parts are as follows:
- Jewellery: 45% of the gold (roughly 99,700 tonnes) works as jewellery and holds US$14 trillion.
- Central Bank and Official Reserves: 17% of the gold (38,600 tonnes) sits in these reserves, worth around US$5 trillion.
- Bars and Coins: 21% of physical bullion (47,000 tonnes) equals US$7 trillion.
- Gold ETFs: 2% of the stock (4,000 tonnes) makes up US$0.6 trillion.
- Over-the-Counter Holdings: 5% (up to 10,000 tonnes) are in private investment, valued at US$1.4 trillion.
- Other Industrial Uses: 10% (21,400 tonnes) serve in various tech and industrial parts, worth US$3 trillion.
Gold resists damage. Its stock builds up over time. The supply comes partly from slow mine growth at about 1.8% per year and partly from gold that circulates in the stock.
Financial Gold: Investable Bullion Market
Gold in investment form totals around US$15 trillion. The main part is physical bullion. A smaller share comes from contracts.
- Physical Investment: Around US$14 trillion flows in bars, coins, ETFs, and over-the-counter assets.
- Derivatives: Contracts such as futures and options hold about US$1.5 trillion in open positions by late 2025. Physically backed gold ETFs give investors a plain way to reach gold without taking on the metal directly. The over-the-counter side forms a private area in gold investment. In banks, reserves hold US$5 trillion in gold. In rich economies, banks keep about 30% of their reserves in gold, while in some growing markets, the share is near 15%.
Market Liquidity and Trading
Gold trades with strong ease. It moves on many platforms with large sums and close connections between deals.
- Daily Trading Volume: In 2025, trading averaged US$361 billion each day worldwide.
- London OTC Market: In London, over US$160 billion traded each day on spot deals.
- Derivatives Markets: In the United States, COMEX handles around US$114 billion daily. In Shanghai, the futures exchange sees about US$51 billion each day. These trade centers help set gold’s price and spread risk.
The steady mix of physical gold and recycled supply keeps the market balanced.
Gold’s Strategic Role and Portfolio Allocation
Gold forms about 3% of global financial assets, aside from bank reserves. Investors often hold too little gold. This gap supports improved portfolio mix. Gold usually keeps strong when finances turn tight because it is rare and easy to trade.
Conclusion
Gold stands with a large above-ground stock and a high market value. Its solid physical traits and use by consumers, investors, and banks keep it a key global asset. The mix of physical assets and contracts supports a stable market. As markets grow and new ways to invest appear, gold’s role in finance will hold its strength.
Source: World Gold Council, Metals Focus, Refinitiv GFMS, Bloomberg, Bank for International Settlements, ICE Benchmark Administration
For further details and downloadable full report, visit the World Gold Council’s official page.
