An ECB report says gold has overtaken US Treasurers as the largest central bank
reserve asset, rising to 27% of global reserves at end-2025 from 20% a year
earlier, while US Treasuries fell to 22% from 25%. Euro‑denominated reserves
held at 15%. The shift reflects accelerated efforts to diversify away from the
dollar after the US used sanctions to freeze dollar reserves in 2022, and ECB
President Lagarde wrote geopolitical tensions continue to drive strong central
bank demand for gold.
