The global digital gold market could grow from its current estimated value of USD 45–55 billion to USD 160–170 billion by 2031, according to a report by the World Gold Council (WGC) and Boston Consulting Group (BCG).

Titled Unlocking Digital Gold’s USD 700 Billion Opportunity, the report estimates annual growth of around 27% under its base-case scenario. An optimistic scenario places the market at USD 270–280 billion by 2031. The report’s estimate of USD 700 billion represents potential long-term demand that could be unlocked by addressing existing market barriers, rather than a near-term forecast.

Based on a survey of more than 12,000 retail investors and interviews with 20 experts, the report identifies trust, access, utility and cost as the main factors influencing adoption. Concerns around regulation, consumer protection, proof of physical gold backing and the ability to redeem holdings in physical gold remain significant barriers.

The report also highlights the role of digital platforms in expanding access. Markets such as India, China and Indonesia record up to seven times higher digital gold penetration when products are available through familiar applications and platforms.

Around 65% of the potential demand identified in the report comes from people who do not currently own gold. Among existing digital gold investors, 52% had not owned gold before their first digital purchase, while 92% of this group subsequently purchased other forms of gold.

Awareness also varies by age, standing at 50% among people aged 25–34, compared with 23% among those aged 55 and above.

WGC CEO David Tait said infrastructure would be important to scaling the market. The council is developing its Gold as a Service initiative, which aims to provide shared infrastructure and support for sourcing, custody and compliance.