Gold Market Structure and Trends

Gold is already entering the digital age. Yet despite growing investor interest and rapid innovation across financial markets, digital gold remains a relatively small part of the wider gold market. Our report explores the potential for that to change. Drawing on a survey of more than 12,000 retail investors, interviews with industry experts and detailed market modelling, the report examines the digital gold market today, the barriers holding back adoption and the potential scale of future demand. 

China’s gold jewellery demand – tonnage terms – weakened further in 2026. Our 2026 Chinese jewellery retailer insights survey results show that gold products continue to dominate retailers’ sales, with Hard Pure gold and Heritage gold jewellery outperforming other categories. Self-indulgence is becoming increasingly important drivers of consumer demand, reflecting a broader shift in purchasing behaviour. Despite ongoing industry consolidation, retailers generally remain confident in the long-term prospects of gold jewellery.

Japan’s inflation remains sticky, with labour shortages and higher commodity prices likely to keep cost pressures elevated. Meanwhile, surging JGB yields are increasing local portfolio risks. Gold should remain relevant for local investors both as an inflation hedge and portfolio risk diversifier