Gold Tops U.S. Treasuries in Reserves After 60% Rally
The ECB reported gold became the largest global official reserve asset by market value at end-2025, making up 27% of reserves versus U.S. Treasuries at 22% after a 60% price rise in 2025.
The European Central Bank reported in a June 2, 2026 report that gold became the largest global official reserve asset by market value at the end of 2025, representing 27% of official reserves versus 22% for U.S. Treasuries after a roughly 60% rise in gold prices in 2025.
The ECB attributed most of the change to valuation effects from the sharp price rally rather than broad shifts of central-bank portfolios into bullion. The report noted that using end-2023 prices would leave gold and the euro each at about 16% of reserves and U.S. Treasuries at about 26%.
Gold’s market price rose about 60% in 2025 after roughly a 30% increase in 2024, which mechanically increased gold’s share of total official foreign reserves.
Official-sector purchases totalled about 850 tonnes in 2025, below the more than 1,000 tonnes bought annually from 2022 through 2024. Private investment demand rose to nearly 2,200 tonnes, and gold-backed exchange-traded funds attracted a record $89 billion in inflows for the year.
Several countries increased official bullion holdings. Since Russia’s full-scale invasion of Ukraine, China added more than 350 tonnes. Poland bought about 320 tonnes and was the largest official-sector buyer in 2025. Türkiye added roughly 220 tonnes and India purchased about 130 tonnes. The report also noted that stablecoin issuer Tether bought in excess of 100 tonnes.
The ECB warned that gold is not a perfect substitute for government bonds, listing limits on its role: bullion pays no yield, its price can be volatile, physical holdings require storage and security, and mine supply cannot expand quickly to meet sudden liquidity needs.
The report stated, ‘The share of gold now surpasses both that of the euro (15%) and US Treasuries (22%).’ It also said, ‘Gold purchases may also reflect efforts by some central banks to strengthen balance sheet resilience amid rising geopolitical risks.’
The ECB noted that the global reserve system remains centred on the dollar and U.S. government debt and cautioned that a decline in bullion prices would reduce gold’s market-value lead.
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