Alongside physical gold formats, respondents in DBS study expect exchange-traded funds, derivatives and tokenized gold to see the strongest growth over the next 12 months. Regulatory stability, market infrastructure and liquidity will be key to unlocking opportunities across physical and digital gold markets.
Two developments could reshape the future of the gold market – the growing importance of Asia within the global gold ecosystem, and digital innovation, most notably through tokenized gold. These were the findings of a new DBS white paper, Gold in an Age of Transformation.
About half of surveyed asset managers and banks said state-backed gold infrastructure had increased their institutions’ interest in Asian hubs, while 25% of central bank respondents were evaluating the region for storing official gold reserves.
This interest comes as global gold demand surpassed 5,000 tons in 2025, reaching a record USD555 billion in value, with Asia accounting for more than half of physical bar and coin investment, as well as jewellery demand.
Consequently, stronger regional infrastructure could deepen liquidity during Asian trading hours, facilitate local clearing and settlement, and support greater trading in gold bar formats.
Alongside physical gold formats, respondents ranked exchange-traded funds (27%), derivatives (27%) and tokenized gold (18%) as the investment channels with the strongest expected growth over the next 12 months.
