Because they hold substantial gold reserves and use them as a form of currency, central banks also have a big impact on the world gold market. Rising Emerging Markets. Emerging markets like Turkey, Russia,₹1500 and the Middle East have increased their demand for gold in recent years. With the aim of reducing their dependence on conventional currencies like the US dollar and broadening their foreign exchange holdings, these nations have been augmenting their gold reserves. A Market That Is Changing and Being Dynamic. As a result, as new sources of demand surface, the global gold market keeps growing and changing.