Gold has surpassed U.S. Treasury securities to become the largest asset class held within global official reserves.

According to a report released by the European Central Bank, by the end of 2025, gold's share of total global official reserve assets had risen to 27%.

This development has seen U.S. Treasury securities fall to second place, now constituting 22% of these reserves.

Other reserve assets denominated in U.S. dollars account for 20%, while euro-denominated assets make up 15%.

Key Drivers of the Shift

The report attributes gold's significantly increased share primarily to valuation effects.

Explosive surges in the international gold price during both 2024 and 2025 dramatically boosted the value of existing gold holdings, thereby increasing their proportion of total reserves.

Sustained Central Bank Demand

Survey data cited in the report indicates that despite historically high gold prices, central bank purchases remained at elevated levels throughout 2025.

The European Central Bank noted that in an environment of rising geopolitical risks, central banks are buying gold to bolster the resilience of their balance sheets.

This strategy serves not only to diversify assets but also to act as a hedge against geopolitical uncertainty.