PRECIOUS METALS | Gold Became Largest Single Asset in Global Official Reserves by End-2025, ECB Report Says

Gold’s share of total global official reserve assets rose to 27% by the end of 2025, exceeding U.S. Treasuries by 5 percentage points and becoming the largest single asset category in official reserves, the European Central Bank said in a report released in early June. According to Jin10, experts said the latest wave of large-scale gold buying by central banks began in 2022. Data showed global central banks recorded net gold purchases of more than 1,000 metric tons in each of 2022, 2023, and 2024. Net purchases reached 863 metric tons in 2025. Experts said international gold prices have recently been volatile and have moved lower due to multiple factors. They cited strong gains in 2024 and 2025 that built up correction pressure, and rising inflation expectations linked to higher energy prices driven by Middle East geopolitical conflict. They added that markets have judged the U.S. Federal Reserve may raise interest rates, which has constrained gold’s upside and contributed to a situation in which central banks continued buying while prices weakened in the short term.