World Gold Council – Gold Market Primer | Market Size and Structure

This report provides an overview of the gold market, focusing on its size, structure, liquidity, and role in the global economy, financial portfolios, and official reserves.

The gold market is valued at approximately US$31 trillion with about 220,000 tonnes of gold available above ground. Financial gold, mostly in bullion form, amounts to over US$15 trillion. Gold trading is highly liquid, with an average daily trading volume of US$361 billion in 2025. London is a major trading hub for physical gold, while COMEX and Shanghai Futures Exchange lead in derivatives trading. Gold constitutes about 3% of global financial assets excluding central bank reserves but is under-allocated in many portfolios. Central banks and official institutions hold nearly 39,000 tonnes of gold worth US$5 trillion, representing 26% of global allocated reserves. The gold market’s diverse demand and supply structure supports market stability and limits large shocks.