This story is available exclusively to Business Insider subscribers. "By the end of Q3, global gold ETFs' total assets under management reached US$472bn (+23% q/q), reaching another record high," The World Gold Council wrote in an update this week. Global gold reserves surged to $4.64 trillion in October 2025, a staggering 52.9% increase since the end of 2024. "A 2025 survey by the World Gold Council shows that 95% of central banks plan to expand their gold reserves over the coming year." "Its liquidity is often sourced during periods of stress in the markets, one of its appealing qualities," The World Gold Council wrote.