According to the latest data released by the European Central Bank (ECB) on June 2, a shift in the asset landscape driven by surging gold prices has quietly taken place. As of the end of 2025, gold's share of total global official reserve assets rose to 27%, officially surpassing US Treasury bonds to become the largest asset class in global official reserves. Concurrent data indicates that the share of US Treasuries has fallen to 22%, with other USD-denominated reserve assets accounting for 20%, and euro-denominated reserves at 15%. This signifies that while USD-denominated assets still hold the largest overall share of reserves, gold as a single asset class has supplanted the long-standing core position previously held by US Treasuries.

The report analysis points out that the significant rise in the gold reserve share is primarily driven by valuation effects. Data shows gold prices experienced consecutive increases in 2024 and 2025, with a gain of approximately 30% in 2024 and a nominal surge of as high as 60% in 2025. The substantial appreciation of the asset itself has rapidly increased gold's weight within the global central bank reserve pool. In the report, the ECB President stated that ongoing geopolitical tensions continue to drive robust demand for gold among central banks.

Despite gold prices hovering in historical high ranges, central banks worldwide have not halted their purchasing activities. The report indicates that while global central bank net gold purchases in 2025 were approximately 850 tonnes—a slowdown compared to the pace of over 1,000 tonnes annually between 2022 and 2024—this figure remains significantly higher than the historical average of 473 tonnes per year recorded between 2010 and 2021. Regarding national procurement performance, Poland emerged as the world's largest official sector gold buyer in 2025, acquiring approximately 100 tonnes for the year. Since 2022, the countries with the largest increases in gold reserves have been China, Poland, Turkey, and India, in that order.

Survey data from the report indicates that the purpose for central banks holding gold is not only asset diversification but also to use it as a hedge against geopolitical risks. Particularly since Western nations froze Russian USD reserves in 2022, many countries have begun to reassess their over-reliance on single-currency assets. At the time of this data release, global central bank gold reserves exceeded 36,000 tonnes, approaching levels seen during the peak of the Bretton Woods system. It is noteworthy that despite gold's share overtaking others, USD-denominated assets still account for 42% of global reserves, though their share is shrinking slowly at a visible rate. Additionally, the ECB report noted that the stablecoin company Tether became the single largest gold buyer in 2025, purchasing over 100 tonnes throughout the year, exceeding the purchase volume of most sovereign central banks.