Gold surpasses U.S. Treasuries to become the largest asset in global official reserves

According to the latest report released by the European Central Bank, gold's share of total global official reserve assets has risen to 27%, surpassing U.S. Treasuries to become the largest asset in global official reserves. The report indicates that the share of U.S. Treasuries in global official reserve assets has fallen to 22%, other U.S. dollar-denominated reserve assets account for 20%, and euro-denominated reserve assets account for 15%. The significant increase in gold's reserve share is first attributed to valuation effects. Benefiting from the consecutive sharp surges in international gold prices in 2024 and 2025, the value of gold assets has risen accordingly, thereby gaining a larger share in global official reserves. (Marketwatch)