ECB report says gold surpassed US Treasuries in global official reserves as euro held its No. 2 role in 2025
The Facts
- The ECB reported that gold accounted for 27% of global official reserves at the end of 2025, exceeding US Treasuries at 22%.
- The euro’s share of official reserves was reported at 15% at the end of 2025, below both gold and US Treasuries.
- Across broader indicators of international currency use, the ECB said the euro’s role improved moderately in 2025 to about 20%, maintaining its position as the world’s second-most important currency.
- Multiple reports said the US dollar remained the leading global currency, with a share around 57% on the measures cited.
- The ECB said issuance of international debt denominated in euros reached its highest level since the currency’s introduction in 2025, rising about 30% from 2024.
- Sources attributed gold’s larger share of reserves to a combination of rising gold prices and sustained buying by central banks.
- The ECB report and related coverage said the reserve shift is occurring in a context of geopolitical tensions, sanctions risk, and increasing fragmentation in the international monetary system.
How left and right are reading this
- Both agree
- Gold’s rise past US Treasuries in official reserves is being read not as dollar displacement but as a sign that geopolitical tension, sanctions risk, and fragmentation are pushing central banks toward insulation and strategic self-protection.
- They split on
- Less a disagreement than a question of emphasis: a trust problem eroding shared monetary stability, versus a strategic shift in which self-protection and reserve diversification carry more weight even while dollar dominance holds.
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Context
Did gold replace the dollar as the main global currency?
No. The sources say gold surpassed US Treasuries in share of global official reserves, but the dollar remained the leading global currency overall, while the euro stayed in second place by broader measures of international use El Confidencial,ANSA.it,CNN Türk.
Why did gold’s share of reserves rise above US Treasuries?
The coverage says the increase reflected both a sharp rise in gold prices and continued purchases by central banks, with the ECB also linking demand to geopolitical tensions and gold’s role as a hedge El Confidencial,lastampa.it,Business Standard,Firstpost.
What does the ECB report say about the euro’s position?
The ECB said the euro’s international role improved moderately in 2025 to about 20% across several indicators, and euro-denominated international debt issuance hit a record since the currency’s launch, but the euro still remained well behind the dollar T-online.de,Il Sole 24 ORE,Der Tagesspiegel,Express.de.
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Wire services (1)
Independent coverage (50)
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