Gold has become the world’s largest reserve asset, moving ahead of US government bonds, according to a European Central Bank (ECB) report.
The shift follows years of heavy buying by central banks and a steep rise in bullion prices over the past two years
The ECB said gold accounted for 27% of global central bank reserve assets at the end of 2025. That was up from 20% a year earlier. By contrast, the share of US Treasuries fell to 22% from 25% over the same period.
The share of euro-denominated reserve assets was unchanged at 15%. “Geopolitical tensions continue to drive strong central bank demand for gold,” wrote ECB president Christine Lagarde in the report. The ECB said central banks now hold more than 36,000 tonnes of gold. That is close to the level seen during the Bretton Woods era, when central banks held 38,000 tonnes of the metal.