Overview

• An ECB report shows official gold holdings now exceed U.S. Treasuries for the first time since the mid‑1990s, with stocks above 36,000 tonnes.
• Gold’s rise above roughly $3,500 an ounce has amplified the dollar value of central‑bank bullion, reinforcing the reweighting of reserves.
• Reserve managers cite the appeal of assets that cannot be frozen and concerns about U.S. fiscal risk as key reasons for adding bullion.
• Buying momentum has eased in early 2025, yet a WGC survey finds 43% of central bankers plan to increase gold, and Metals Focus projects about 1,000 tonnes of purchases this year.
• India exemplifies the shift, cutting U.S. Treasury holdings to $227 billion while lifting gold to about 880 tonnes, as China also trims Treasuries to $756 billion.