The global digital gold market could unlock up to USD 700 billion in latent demand if industry participants address barriers related to trust, accessibility, product utility and pricing, according to a new report by the World Gold Council (WGC) and Boston Consulting Group (BCG).

The report, Digital Gold: Unlocking a USD 700 Billion Opportunity, estimates the current digital gold market at USD 45 billion–55 billion. Its base-case scenario projects annual growth of approximately 27% over the next five years, taking the market to USD 160 billion–170 billion by 2031. The USD 700 billion figure represents long-term potential demand, rather than a near-term market forecast.

The study draws on a survey of more than 12,000 retail investors across 12 markets and interviews with 20 industry experts. Nearly nine in 10 respondents said they would consider investing in digital gold under the right conditions.

Trust emerged as a key factor influencing adoption, with investors seeking stronger consumer protection, transparent evidence of physical gold backing and clear redemption options. Access through familiar channels, including banking applications and payment platforms, could also support wider participation. Markets where digital gold is available through mainstream financial platforms have recorded penetration rates up to seven times higher than markets with less developed distribution channels.

The report estimates that around 65% of potential demand could come from people who do not currently own gold. It also identifies opportunities to expand digital gold’s utility through lending, collateral and payments, alongside the need for competitive pricing against physical gold and gold-backed exchange-traded funds.

Tokenised gold, a segment of the digital gold market, has grown fivefold in value since late 2024 to approximately USD 6 billion. Cumulative spot trading volumes in tokenised gold exceeded USD 90 billion in the first quarter of 2026, surpassing the total recorded throughout 2025.