Gold: world’s largest reserve asset

Gold has become the world’s largest reserve asset, according to the European Central Bank. A report published on Tuesday shows that gold accounted for 27 percent of global central bank reserve assets at the end of 2025, up from 20 percent a year earlier. By contrast, the share of U.S. treasury bonds fell to 22 percent from 25 percent over the same period. Central banks now hold more than 36,000 metric tons of gold, close to the level during the Bretton Woods era when the U.S. dollar was pegged to bullion. Such statistics indicate that central banks are losing faith in the dollar as a reserve currency.