The share of gold in total official foreign reserves - comprising both foreign exchange and gold holdings - had increased to 27% at the end of 2025, moving ahead of U.S. Treasurys at 22%. Share of central-bank holdings by asset. The move was driven by valuation effects - gold purchases actually slowed down last year, but prices (GC00) surged. Using 2023 prices, Treasurys would still be the top holding, at 26% vs. 16% for gold, the ECB said. The ECB pointed out the drawbacks of gold as a reserve holding. "Gold faces limitations as an official reserve asset compared with the major fiat currencies: its price is ... (full story)