By Olaf Storbeck and Leslie Hook
Financial Times, London
Tuesday, June 2, 2026
Gold has overtaken U.S. government bonds as the top reserve asset following years of relentless buying by central banks and a historic rally that has seen prices nearly double over the past two years.
Bullion accounted for 27% of all central bank reserve assets at the end of 2025, up from 20% a year earlier, according to a report published today by the European Central Bank. U.S. Treasuries fell to 22% from 25% over the same period.
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The share of euro-denominated reserve assets was unchanged at 15%.
The shifting composition of reserve assets -- highly liquid holdings that central banks use to support their currencies, meet international payment obligations, and provide liquidity in times of financial turmoil -- reflects an attempt by many countries to seek alternatives to the U.S. dollar, the de-facto reserve currency. ...
... For the remainder of the report:
https://www.ft.com/content/87ef8f25-eb81-4eed-919c-fe5b49a1ac2c [4]
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