The World Gold Council may develop a digital form of gold to overhaul London's $900 billion physical market for the yellow metal, the Financial Times (FT) reported on Wednesday.

Each unit of digital gold, or "pooled gold interests" (PGIs), would allow investors to buy a form of fractional ownership in gold bullion. The product will be tested with commercial participants in London, such as major banks and trading houses, starting in the first quarter, the report said.

Digitization is a requirement for gold to broaden its market reach, World Gold Council CEO David Tait said in an interview with the newspaper.

“We are trying to standardize that digital layer of gold, such that the various financial products used in other markets can be used in the gold market going forward,” Tate said.

Gold hit a record price of over $3,550 per ounce this week, having doubled in price in the last two years, as its reputation as a safe haven asset continues to be borne out amid geopolitical tensions.

The World Gold Council did not immediately respond to CoinDesk's request for further comment.

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