Key facts
- Gold now accounts for 27% of global central bank reserves, surpassing US Treasuries at 22%.
- Central banks hold over 36,000 tonnes of gold.
- China, Poland, Turkey, and India have been aggressive gold buyers.
- Tether became a significant gold buyer in 2025, acquiring over 100 tonnes.
- Gold prices surged past $5,500 per ounce.
- The euro's share in global reserves remained flat at 15%.
Gold has officially surpassed US government bonds as the world's top reserve asset, according to a report from the European Central Bank released Tuesday. Bullion now accounts for 27% of global central bank reserves at the end of 2025, a significant increase from 20% the prior year. US Treasuries have fallen to 22% from 25%, while the euro's share remained flat at 15%. The report attributes this shift to geopolitical tensions and the weaponization of the dollar, leading central banks to increase gold holdings to over 36,000 tonnes. Aggressive gold accumulation has been observed from countries like China, Poland, Turkey, and India since 2022. Even the stablecoin issuer Tether became a major buyer in 2025. Gold prices also saw an explosive rally, surpassing $5,500 per ounce. The euro's international usage saw gradual gains, with euro-denominated debt issuance hitting record highs.