Central Banks Hold More Gold Than US Treasuries for First Time
Written by Emily J. Thompson, Senior Investment Analyst
Updated: Jun 02 2026
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Source: Coinmarketcap
- Rising Gold Reserves: As of the end of 2025, gold accounted for 27% of global central bank reserves, up from 20% in 2024, indicating a growing preference for gold as a store of value, which may influence future asset allocation strategies.
- Declining US Treasury Holdings: During the same period, US Treasuries' share in global central bank reserves fell from 25% to 22%, reflecting concerns over geopolitical tensions and risks associated with dollar-denominated assets, prompting a reassessment of asset portfolios by central banks.
- Geopolitical Impact: Following Russia's invasion of Ukraine in 2022, Western nations froze Russian dollar reserves, leading governments to reassess their exposure to US debt, which has driven up demand for gold among central banks.
- Major Buyers: In recent years, China, India, Turkey, and Poland have emerged as the largest buyers of gold, with central bank purchases continuing to rise since 2022, indicating a strategic move to reduce reliance on the dollar while enhancing financial security.
About the author
Emily J. Thompson
Emily J. Thompson, a Chartered Financial Analyst (CFA) with 12 years in investment research, graduated with honors from the Wharton School. Specializing in industrial and technology stocks, she provides in-depth analysis for Intellectia’s earnings and market brief reports.
