Gold has outperformed U.S. Treasury bonds in the reserves of central banks.

The European Central Bank (ECB) stated in its report that by the end of 2025, the share of gold in total global official reserve assets increased to 27%, surpassing U.S. Treasury bonds and becoming the largest global official reserve asset.

According to the report, the share of U.S. Treasury bonds in global official reserves decreased to 22%, the share of other reserve assets denominated in U.S. dollars was 20%, and the share of reserves in euros remained at 15%.

The report states that the significant increase in the share of gold reserves is primarily due to the valuation effect. Due to the sharp increase in global gold prices in 2024 and 2025, the value of gold assets increased, which secured them a larger share in global official reserves.

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Translation: legacy (English)