Gold Overtakes Euro as Global Reserve Asset

Gold Overtakes Euro as Global Reserve Asset: What It Means for Central Banks and Geopolitics

In 2024, gold overtook the euro to become the second-largest global reserve asset, accounting for 20% of official reserves—behind only the US dollar at 46%, according to the European Central Bank. This shift was driven by record central bank purchases, with over 1,000 tonnes acquired annually since 2022, and a surge in gold prices (up 30% last year and another 27% so far in 2025). Countries like China, India, Turkey, and Poland have led this buying spree. The move reflects rising geopolitical risk, de-dollarisation efforts, and concerns over US financial sanctions, positioning gold as a strategic hedge in the evolving global monetary system.

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