Gold has overtaken U.S. Treasuries as the leading reserve asset. According to the Financial Times, by 2025 the share of gold in central bank reserves had increased from 20% to 27%, while the share of U.S. government securities declined from 25% to 22%.
Against the backdrop of rising U.S. public debt, sanctions-related risks, and growing geopolitical fragmentation, central banks are increasingly viewing gold as the most neutral and sovereign-independent reserve asset. For many countries, gold is becoming a strategic tool for reducing dependence on the U.S.-dominated financial infrastructure and enhancing the resilience of reserves in an environment of global uncertainty.
