European Central Bank: Gold Surpasses U.S. Treasuries as Global Reserve Asset Gold has overtaken U.S. Treasuries as the world’s second-largest reserve asset held by central banks, according to a European Central Bank (ECB) report. Bullion accounted for 27% of global central bank reserve assets at the end of 2025, up from 20% a year earlier, the ECB said. In contrast, U.S. Treasuries fell to 22% from 25% over the same period, while euro-denominated reserves remained unchanged at 15%, the report stated. The shift marks the first time since 1996 that gold has surpassed Treasury bonds as the largest reserve asset…
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