Gold Surpasses U.S. Treasury Holdings in Central Bank Reserves

As of the end of 2025, gold has surpassed the proportion of U.S. Treasury securities in the official reserves of central banks. According to a report from the European Central Bank (ECB), the proportion of gold stands at 27%, while U.S. Treasuries account for 22% and euros for 15%. This is interpreted as a signal of changing asset management standards among central banks. While U.S. Treasuries have long been considered a safe asset, the increase in gold's proportion is primarily attributed to rising gold prices. Based on gold prices at the end of 2023, the proportions of gold and euros were both 16%, while U.S. Treasuries remained high at 26%. The International Monetary Fund (IMF) also noted that by 2025, gold would exceed U.S. Treasuries in official reserves, attributing this to the valuation effect of gold prices. In the first quarter of 2026, global foreign exchange reserves are projected to reach $13.1 trillion, with the dollar's share increasing to 57.13%. According to a survey by the World Gold Council, 89% of central bank respondents expect their gold holdings to increase in the next 12 months, and 45% indicated they would increase their domestic institutions' gold holdings. The reasons central banks hold gold are performance during crises, long-term value storage, and portfolio diversification.

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