World Gold Council Plans Digital Gold to Transform $900 Billion Market

The World Gold Council plans to create a digital form of gold to modernize London's $900 billion physical gold market, as reported by the Financial Times.

• Digital gold, termed "pooled gold interests" (PGIs), will enable fractional ownership of gold bullion.
• Testing with commercial participants like banks and trading houses is set for Q1 2024.
• CEO David Tait highlighted the need for digitization to expand gold's market potential.
• Gold reached a record price over $3,550 per ounce this week, doubling in value over the past two years due to its status as a safe haven asset amid geopolitical tensions.