Gold has not crossed $10 trillion in global market value, but it has reached a significant milestone with its total global reserves valued at approximately $4.64 trillion as of October 2025. This figure represents a substantial increase of about 53 percent from the end of 2024, driven by rising gold prices and increased central bank purchases worldwide[1].
To understand why gold has not reached $10 trillion in market value, it is important to consider how the total value of gold is calculated. The global market value of gold is typically estimated by multiplying the total above-ground gold stock by the current price per ounce. As of late 2025, gold prices have surged to historic highs, recently surpassing $4,000 per ounce, which is a record nominal price[4][5]. This price surge reflects growing investor demand for gold as a safe haven amid geopolitical tensions, inflation concerns, and weakening confidence in fiat currencies[1][2].
Despite these high prices, the total value of all gold ever mined remains below $5 trillion. This is because the total quantity of gold mined throughout history is finite and estimated at around 200,000 metric tons. When multiplied by the current price per ounce, this results in a global market value well under $10 trillion. The $4.64 trillion figure from the World Gold Council represents the value of official gold reserves held by central banks and official institutions, not the entire above-ground gold stock, which would be somewhat higher but still far from $10 trillion[1].
Central banks have been major contributors to the recent rise in gold’s market value. Many of the top gold-holding countries, including the United States, Germany, Italy, France, Russia, China, Switzerland, and India, have increased their gold reserves by at least 50 percent year-to-date in 2025. The United States leads with gold reserves valued at over $1 trillion, followed by Germany with about $428 billion and other countries holding hundreds of billions each[1]. This central bank buying has created strong upward momentum in gold prices.
Investor interest in gold has also surged, with gold-backed exchange-traded funds (ETFs) attracting nearly $50 billion in inflows in 2025, marking one of the strongest years on record for gold investment demand[2]. This demand is fueled by fears of inflation, currency debasement, and financial instability. Prominent investors like Ray Dalio recommend holding 10 to 15 percent of a diversified portfolio in gold as a hedge against economic uncertainty and potential financial crises[2].
The rise in gold prices and market value is also linked to broader economic and technological trends. The ongoing development and adoption of artificial intelligence (AI) and other advanced technologies are reshaping global economies and investment strategies. While AI is expected to drive significant economic growth, it also introduces new risks and uncertainties that make gold an attractive safe-haven asset. Predictions suggest gold prices could continue to rise, potentially reaching $4,200 to $4,500 per ounce in the medium term and possibly exceeding $5,000 per ounce by 2030[3].
Gold’s appeal is further enhanced by innovations such as tokenized gold, which makes investing in gold more accessible and liquid. However, gold remains a non-yielding asset, meaning it does not generate income like dividends or interest, and its price can be volatile. Investors must balance these factors when considering gold as part of their portfolios[3].
In summary, while gold has not crossed the $10 trillion mark in global market value, it has achieved a remarkable valuation of around $4.64 trillion in official reserves, with total above-ground gold stock valued somewhat higher but still below $10 trillion. The surge in gold prices to over $4,000 per ounce, driven by central bank buying, investor demand, and economic uncertainty, underscores gold’s enduring role as a safe-haven asset and store of value in a complex global financial landscape[1][2][4][5].