Gold overtakes US Treasuries as top reserve asset, ECB says
Gold just took the crown from US Treasuries as the world's favorite reserve asset, according to a new European Central Bank (ECB) report.
By the end of 2025, gold made up 27% of official reserves, higher than Treasuries at 22% and the euro at 15%.
Central banks have been stocking up on gold to protect their reserves during uncertain times, especially with prices jumping nearly 60% in 2025 after a big rise in 2024.
Gold purchases fell to 850 tons
Even though official gold purchases dipped to 850 tons last year (down from more than 1,000 tons annually between 2022 and 2024), demand is still way above normal.
Poland led the charge by adding almost 100 tons, followed by Kazakhstan, Brazil, China, and Turkey.
The ECB points out that gold isn't perfect (it costs money to store and doesn't earn interest) but it's seen as a safe bet when things get shaky globally.
Meanwhile, the US dollar remains dominant overall, with around 57% share of global foreign exchange reserves in 2025.