Gold has surpassed US Treasuries as the world’s second-largest reserve asset, accounting for 27% of global central bank reserves at the end of 2025, up from 20% the previous year. In contrast, US Treasuries dropped to 22% from 25%, according to a European Central Bank report released on Tuesday. This trend is attributed to central banks, particularly in China, Poland, Turkey, and India, diversifying their reserves amid rising geopolitical tensions.
The total gold held by central banks now exceeds 36,000 tonnes, nearing levels last seen during the Bretton Woods era. The World Gold Council reported that the value of gold held by foreign central banks approached $4 trillion, surpassing the approximately $3.9 trillion in US Treasuries. Central banks purchased 850 tonnes of gold in 2025, a decrease from over 1,000 tonnes in each of the previous three years.
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