According to the ECB’s latest report, gold has become the largest reserve asset held by central banks for the first time since the 1990s, driven by price surges and shifting geopolitical risks.
Gold has overtaken US Treasury securities as the largest reserve asset held by central banks, according to the European Central Bank’s latest annual review of the euro’s international role. The ECB said gold accounted for 27% of official foreign reserves at the end of 2025, compared with 22% for US Treasuries and 15% for the euro, marking the first time since the mid-1990s that bullion has led the pack. (ecb.europa.eu)
The shift reflects both years of sustained official-sector buying and a sharp rise in prices. The ECB said gold prices jumped about 60% in 2025, inflating the value of existing holdings, while central banks also continued to add to reserves as they sought to diversify away from dollar assets amid geopolitical तनाव and sanctions risk. (ecb.europa.eu)
The World Gold Council said its 2025 survey found central banks had accumulated more than 1,000 tonnes of gold a year for three consecutive years, far above the 400-500 tonne average of the previous decade. In that survey, 95% of respondents expected global central-bank gold reserves to rise over the following 12 months, and 76% said gold would make up a larger share of reserves over the next five years. (gold.org)
Buying remained concentrated among a handful of institutions. The ECB said Poland was the largest official-sector purchaser in 2025, adding about 100 tonnes, with Kazakhstan, Brazil, China and Turkey also active buyers. The report also noted an unusual new entrant: Tether, the stablecoin issuer, bought more than 100 tonnes of gold in 2025, more than any single central bank. (ecb.europa.eu)
Even so, the ECB warned that the apparent leap in gold’s standing was driven largely by valuation gains rather than a wholesale abandonment of Treasuries. It said that adjusting for the higher gold price would leave Treasuries ahead, and it also pointed out that gold is volatile, unyielding and costly to store compared with major fiat currencies. (ecb.europa.eu)
- https://sg.finance.yahoo.com/news/report-reveals-gold-overtaken-u-180925690.html – Please view link – unable to able to access data
- https://www.gold.org/goldhub/research/central-bank-gold-reserves-survey-2025 – The World Gold Council’s 2025 Central Bank Gold Reserves Survey reveals that central banks have accumulated over 1,000 tonnes of gold annually for the past three years, a significant increase from the 400-500 tonnes average of the preceding decade. This surge in gold reserves is attributed to geopolitical and economic uncertainties, prompting central banks to diversify their portfolios. The survey, conducted between 25 February and 20 May 2025, received 73 responses, the highest since its inception eight years ago, indicating a growing engagement with gold among central banks.
- https://english.news.cn/europe/20260603/1d4c3bcf5df747e4911b6e9505ff50ed/c.html – An Xinhua report dated 2 June 2026 highlights that, according to the European Central Bank (ECB), gold became the largest component of global official reserves in 2025, surpassing holdings of U.S. Treasuries and the euro. Gold accounted for 27% of total official foreign reserves, compared to 22% for U.S. Treasuries and 15% for the euro. The ECB attributes this shift to soaring gold prices, which increased by 60% in 2025, and central banks’ efforts to diversify their reserves amid geopolitical risks.
- https://www.visualcapitalist.com/central-banks-now-hold-more-gold-than-u-s-treasuries/ – An article from Visual Capitalist, published on 8 October 2025, reports that, for the first time since 1996, foreign central banks’ gold reserves have surpassed their U.S. Treasury holdings. This shift reflects a trend of central banks diversifying away from the dollar, influenced by persistent gold buying and rising U.S. debt risks. The article underscores the changing dynamics in reserve composition towards hard assets.
- https://www.gold.org/goldhub/research/gold-demand-trends/gold-demand-trends-full-year-2025/central-banks – The World Gold Council’s ‘Gold Demand Trends: Full Year 2025’ report, published on 29 January 2026, indicates that central bank net purchases of gold surged in the fourth quarter of 2025, reaching 230 tonnes, a 6% increase from the previous quarter. This brought total central bank buying for the year to 863 tonnes, slightly below the 1,000 tonnes level seen in the preceding three years but significantly above the 2010-2021 annual average of 473 tonnes. The report highlights the resilience of central bank demand despite record-high gold prices.
- https://www.ebc.com/forex/from-dollar-reserves-to-gold-reserves-the-5-trillion-shift-central-banks-wont-reverse – An article from EBC Financial Group, published on 10 April 2026, discusses the significant shift in central bank reserve management, noting that gold holdings now exceed foreign official holdings of U.S. Treasuries for the first time since 1996. The total value of sovereign gold reserves approached $5 trillion by early 2026. The article highlights that central banks have purchased over 1,000 tonnes of gold annually for three consecutive years (2022-2024), with 2025 adding roughly 860 tonnes, indicating a sustained and strategic move towards gold accumulation.
- https://vaulted.com/nuggets/gold-reserves-vs-treasuries/ – An article from Vaulted, published on 30 April 2026, reports that, for the first time in 2025, the market value of foreign official gold reserves overtook foreign official holdings of U.S. Treasuries. This shift signifies a fundamental change in global reserve management strategies, moving away from traditional reliance on the U.S. dollar. The article underscores the growing importance of gold as a reserve asset in the global financial system.
Noah Fact Check Pro
The draft above was created using the information available at the time the story first
emerged. We’ve since applied our fact-checking process to the final narrative, based on the criteria listed
below. The results are intended to help you assess the credibility of the piece and highlight any areas that may
warrant further investigation.
Freshness check
Score:
8
Notes:
The article references a report from the European Central Bank (ECB) dated June 2, 2026, indicating that gold has overtaken US Treasuries as the largest reserve asset held by central banks. ([thestar.com.my](https://www.thestar.com.my/news/world/2026/06/03/gold-surpasses-us-treasuries-euro-in-global-official-reserves-ecb?utm_source=openai)) This aligns with recent reports from reputable sources such as Investing.com and Money Metals, both published on June 2, 2026. ([investing.com](https://www.investing.com/news/commodities-news/gold-surpasses-us-treasurys-as-top-central-bank-reserve-asset-4722491?utm_source=openai)) The information appears current and original, with no evidence of recycling or republishing from low-quality sites or clickbait networks. However, the article does not provide a direct link to the ECB’s original report, which would enhance transparency and allow for independent verification.
Quotes check
Score:
7
Notes:
The article includes direct quotes attributed to the ECB, such as: “Geopolitical tensions continue to drive strong central bank demand for gold.” ([thestar.com.my](https://www.thestar.com.my/news/world/2026/06/03/gold-surpasses-us-treasuries-euro-in-global-official-reserves-ecb?utm_source=openai)) However, without access to the original ECB report, it is challenging to independently verify these quotes. The absence of direct links to the ECB’s publication raises concerns about the authenticity and accuracy of the quoted statements. Additionally, the article does not provide specific dates for the quotes, making it difficult to assess their timeliness and relevance.
Source reliability
Score:
6
Notes:
The article is sourced from Yahoo Finance, a platform that aggregates content from various news outlets. While Yahoo Finance is generally considered reliable, the lack of direct attribution to primary sources, such as the ECB’s original report, diminishes the overall reliability of the information presented. The absence of direct links to the ECB’s publication further complicates the verification process. Additionally, the article does not mention the author, which is a standard practice for assessing credibility.
Plausibility check
Score:
8
Notes:
The claim that gold has surpassed US Treasuries as the largest reserve asset held by central banks is plausible and consistent with recent trends in global reserve management. The article references a 60% increase in gold prices in 2025, which aligns with reports from other reputable sources. ([thestar.com.my](https://www.thestar.com.my/news/world/2026/06/03/gold-surpasses-us-treasuries-euro-in-global-official-reserves-ecb?utm_source=openai)) However, the article does not provide specific data or references to support this claim, making it difficult to fully assess the accuracy of the information. The lack of direct links to the ECB’s original report and other primary sources raises concerns about the verifiability of the data presented.
Overall assessment
Verdict (FAIL, OPEN, PASS): FAIL
Confidence (LOW, MEDIUM, HIGH): MEDIUM
Summary:
While the article presents information that aligns with recent reports from reputable sources, the lack of direct links to the ECB’s original report and the absence of specific data or references to support the claims made raise concerns about the accuracy and verifiability of the information. The absence of direct links to primary sources makes it challenging to independently verify the information presented. Therefore, the overall assessment is a FAIL with MEDIUM confidence.