Gold has overtaken U.S. Treasuries in global central bank reserve assets for the first time. On June 2, blockchain outlet Cryptopolitan reported that the European Central Bank said gold accounted for 27 percent of global central bank reserve assets as of end-2025, above the 22 percent share of U.S. government and Treasury bonds.

Gold’s share rose to 27 percent from 20 percent a year earlier. Over the same period, the share of U.S. government and Treasury bonds fell to 22 percent from 25 percent. The share of euro-linked assets was unchanged at 15 percent. The ECB said it identified the change while reviewing the euro’s international role over the past year.

Geopolitical tensions and sanctions risks were cited as factors. Some countries sought to reduce exposure to dollar-denominated assets, and central banks’ new purchases shifted toward gold rather than other reserve currencies.

The turning point came after Russia’s invasion of Ukraine in 2022. After the United States and its allies froze Russia’s dollar-based reserve assets, governments began to review how much of their wealth was tied up in assets that the United States could restrict.

ECB President Christine Lagarde (크리스틴 라가르드) said in the report that geopolitical tensions continue to drive strong central bank demand for gold. Gold has become a more attractive asset for central banks since 2022 because foreign governments cannot freeze it.

The change does not immediately lead to weaker demand for the dollar. U.S. government and Treasury bonds still account for more than one-fifth of global foreign exchange reserves, and the dollar remains dominant in international trade and finance.

It was also confirmed that the euro did not benefit as an alternative. The euro’s share was unchanged over the period, and the countries that led central bank gold purchases in recent years were China, India, Turkey and Poland. Governments’ gold buying has continued to increase since 2022.