Gold Market Primer: Market size and structure - World Gold Council

The World Gold Council has published a new educational primer outlining the size and structure of the global gold market. Designed as a reference for investors and analysts, the primer maps out how the market is organized across its primary segments: physical bullion trading, over-the-counter (OTC) transactions, regulated futures exchanges, and gold-backed exchange-traded products. It also clarifies the distinct roles played by central banks, mining companies, refiners, and financial intermediaries in moving gold from the ground to end investors.

This matters because gold’s liquidity is fragmented rather than centralized. Price discovery arises from the interplay of several venues, each with its own trading hours, settlement standards, and participants. A clear, authoritative framework helps market watchers interpret price movements and flow data more accurately. As gold remains a core component of many portfolios and reserve strategies, the primer offers a common baseline for understanding what drives supply and demand. Watch for how it frames the balance between physical and paper gold, and whether it highlights structural shifts such as changing central bank activity or investor preference for allocated versus unallocated holdings.