Gold Passes Euro as Second Reserve Asset as Central Banks Buy

Record-high purchases and a blistering rally in prices has seen gold overtake the euro as the second-largest asset in the reserves of the world’s central banks.

The share of gold in global foreign reserves at market prices reached 20% at the end of 2024, surpassing the euro at 16%, the European Central Bank said in an annual assessment of the currency’s international standing. The US dollar extended a steady decline to reach 46% of global reserves.