Gold has surpassed U.S. Treasury securities as the largest official reserve asset by market value globally, the European Central Bank confirmed in its 2026 annual report. The shift, driven by a 60% surge in gold prices and intensifying demand for reserve diversification, marks a historic realignment in central bank holdings. The ECB published these findings in its report 'The international role of the euro' on June 2, 2026.
Reserve Market Value Shift
Central banks now hold more gold than U.S. Treasuries when measured by market value. The ECB report shows gold's value jumped 60% over the past year, lifting it past Treasury securities. This change didn't happen gradually. It followed years of steady gold buying as countries reduced dollar-denominated assets. The report provides hard numbers but doesn't name specific nations. It simply states the global aggregate crossed the threshold in 2025.
Diversification Driving the Move
Reserve managers are actively reshuffling portfolios away from concentrated currency exposure. The ECB report details how gold buys accelerated as officials sought alternatives to traditional government debt. This wasn't a short-term trade. Many central banks added bullion consistently throughout 2024 and 2025. The report links this pattern directly to the value crossover. No single country led the charge—it was a broad-based trend across reserve holdings worldwide.
ECB's Published Findings
The 'The international role of the euro' report arrived June 2, 2026, as a standard annual publication. This year's edition contained the unexpected data point about gold's lead. The ECB compiled the figures from central bank disclosures without adding analysis or projections. It simply stated the market value metrics for gold versus U.S. Treasuries. The document is now public on the ECB's website for any financial institution or researcher to examine.
Central banks can immediately access the full reserve allocation data from the ECB's June 2, 2026 report online.
