Gold overtakes US Treasuries in central bank reserves
Key Questions
When did gold last exceed U.S. Treasuries in central bank reserves?
Gold last exceeded U.S. Treasuries in central bank reserves in 1996.
What are the current shares of gold and Treasuries in reserves?
Gold now accounts for 27% of central bank reserves versus 22% for U.S. Treasuries per ECB data.
What does the shift to gold reserves signal?
The change reflects de-dollarization, inflation hedging, and concerns about U.S. fiscal health, potentially affecting bond demand.
For the first time since 1996, gold has overtaken US Treasuries in central bank reserves, with gold share at 27% vs Treasuries 22% (ECB data). Dollar assets still 42% overall. This structural shift reflects de-dollarization, inflation hedging, and concerns about US fiscal health. Could affect bond demand and inflation expectations.
Sources (2)
Updated Jun 4, 2026