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ECB report says gold became the largest reserve asset by end-2025, topping U.S. Treasuries
An ECB report says global central banks held more gold than U.S. government bonds for the first time, with gold at 27% of reserves by end-2025 versus 22% for U.S. Treasuries. The report links the shift to geopolitical tensions and sanction-related concerns following the 2022 freeze of Russia's dollar reserves. It adds that the euro's share stayed at 15%, suggesting the reallocation has favored gold rather than other reserve currencies.