Those fears have led other central banks to significantly increase their gold reserves. Although central bank purchases of gold fell slightly in volume from the previous year, their total value increased by 13% in 2025. Gold now makes up more than 20% of central bank reserves, a level not seen since the early 1990s, the WGC said. Demand was also boosted by enthusiasm for exchange-traded funds linked to the gold price. “Gold ETFs have made gold more accessible to many investors” by making it as easy to buy as a company stock, Gopaul said.