Gold has overtaken US government bonds as the world’s top reserve asset following years of relentless buying by central banks and a historic rally that has seen prices nearly double over the past two years.
Bullion accounted for 27 per cent of all global central bank reserve assets at the end of 2025, up from 20 per cent a year earlier, according to a report published on Tuesday by the European Central Bank. US Treasuries fell to 22 per cent from 25 per cent over the same period.
The share of euro-denominated reserve assets was unchanged at 15 per cent.
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