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Gold Overtakes Euro as Global Reserve Asset, ECB Says
- The European Central Bank reported in June 2025 that gold overtook the euro as the world's second-largest reserve asset by the end of 2024.
- This shift followed a sharp surge in gold demand for monetary reserves triggered by Russia's 2022 invasion of Ukraine, prompting central banks to reassess reserve strategies.
- Over the past three years, central banks have each acquired more than a thousand tons of gold annually, increasing their total reserves to nearly 36,000 tons—levels comparable to those during the Bretton Woods period in the 1960s.
- Gold’s price rose nearly 62% in 2024, reaching a record $3,500 an ounce by April 2025, while gold’s share of official reserves reached 20% compared to the euro’s 16%.
- This trend suggests a structural shift in reserve management that may reduce reliance on the euro and dollar, increasing sensitivity of financial markets to geopolitical risks.
57 Articles
57 Articles
The European Central Bank warns against distortions in the market for gold supply contracts. However, gold has overtaken the euro as a reserve facility.
The massive gold purchases of various central banks have led to gold becoming the second most important reserve currency – behind the US dollar. The share could be even higher because some central banks keep their purchases secret. What's the future? In recent years alone, various central banks have increased their gold reserves by several thousand tons. Meanwhile, stocks have been at the highest level since the late 1970s and even near the 1965…
The Global Economy’s New ‘Golden’ Age
Since Richard Nixon’s decision in 1971 to break with the gold standard, the US dollar has served as the world’s reserve currency. Prior to that, international trade was settled in gold or gold-backed currencies. Over the last two years, that historical norm appears to be silently reasserting itself, as gold has begun climbing a parabolic curve in value against all major currencies.The trend was visible well before President Trump’s “Liberation D…
Gold Passes Euro As Second-Largest Global Reserve Asset: ECB
Gold Passes Euro As Second-Largest Global Reserve Asset: ECB In the latest indication of gold's rising prominence in international finance, the yellow metal has surpassed the euro as the world's second-largest reserve asset, a European Central Bank analysis of year-end 2024 holdings has found. As the year ended, the US dollar represented 46% of central bank reserves, followed by gold at 20%, the euro at only 16%, while all other currencies colle…
Dollar Loses Ground in Global Reserves, but Stays on Top; Gold Ousts Euro for No. 2 Spot
The U.S. dollar continued to lose ground in 2024 as the world’s dominant reserve currency—but it was gold, not the euro, that capitalized most on the shift, according to a June 11 report from the European Central Bank (ECB). Investor appetite for dollar-denominated assets weakened notably beginning in April, amid growing concerns over erratic U.S. trade policy and long-term fiscal sustainability. ECB president Christine Lagarde described the mom…
The Gold Price and the Current Turmoil
By: Philip BowringAll the gold in Fort KnoxOf the many crazy aspects of the world in mid-2025, the one that reflects all the others is the price of gold. As in previous such periods of political and economic instability, the gold price is eagerly followed in the media as central banks follow the herd and show their own lack of faith in currencies by building up gold reserves. These have now surpassed the euro as the world’s second largest reserv…
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