On the 2nd, the European Central Bank released a report stating that, as of the end of 2025, gold’s share of global official reserve assets had risen to 27%, surpassing U.S. Treasury bonds to become the largest component of official reserves worldwide.

This is the European Central Bank building, photographed in Frankfurt, Germany. 

According to Xinhua News Agency, the report indicates that U.S. Treasury securities account for 22% of global official reserve assets, while other dollar-denominated reserve assets make up 20%, and euro-denominated reserve assets represent 15%.

The report argues that the substantial increase in the share of gold reserves is primarily attributable to valuation effects. Benefiting from the explosive, consecutive surges in international gold prices in 2024 and 2025, the value of gold assets has risen in tandem, enabling it to secure a larger share in global official reserves.

According to the survey data presented in the report, despite gold prices remaining at historic highs, central banks worldwide are expected to maintain relatively robust gold purchases in 2025. The European Central Bank stated that, amid rising geopolitical risks, central banks are purchasing gold to bolster the resilience of their balance sheets, not only to diversify their assets but also to hedge against geopolitical uncertainties.