Overview
- The European Central Bank report published Tuesday found gold accounted for about 27% of global reserve assets at the end of 2025, compared with roughly 22% for U.S. Treasury securities.
- Central banks now hold more than 36,000 tonnes of gold, a level close to the Bretton Woods peak, after years of steady official buying that continued above historical norms since 2022.
- Sharp price gains were a major factor: gold rose about 30% in 2024 and roughly 60% in 2025, so higher valuations as well as net purchases lifted the metal’s share of reserves.
- Major official buyers include China, India, Poland and Turkey, Brazil added 42.8 tonnes around the turn of 2025–26, and the stablecoin issuer Tether bought more than 100 tonnes in 2025 while Turkey reduced holdings by about 130 tonnes.
- Despite gold’s new lead, dollar‑denominated assets taken together still make up the largest share of reserves at about 42%, and the euro has only modestly increased its international role, leaving the dollar dominant and reserve managers cautious about abrupt benchmark shifts.