ECB: Gold Became the Largest Reserve Asset by Value in 2025, Beating U.S. Treasuries

In a report published June 2, 2026, the European Central Bank said gold became the largest official reserve asset by market value at the end of 2025. Gold represented 27% of global official reserves, compared with 22% for U.S. Treasuries and 15% for the euro, a shift the ECB attributed largely to valuation gains after gold rose about 60% in 2025.