As of the end of 2025, gold accounted for 27% of global official reserves, surpassing US Treasuries by 5 percentage points. Despite price volatility, central banks increased holdings by 244 tons in Q1 2025, signaling continued demand.
截至2025年底，黄金占全球央行储备资产比例升至27%，超越美国国债成为第一大储备资产。此变化由金价上涨和央行主动配置黄金共同推动，反映了对地缘政治风险的规避和储备多元化需求。
欧洲中央银行报告显示，截至2025年底，黄金在全球官方储备资产中占比升至27%，超越美国国债（22%），成为第一大储备资产。此变化归因于金价上涨的估值效应及各国央行在地缘政治风险上升背景下对黄金的持续增持。
Gold has overtaken US Treasuries as the world's primary reserve asset, with central banks' holdings reaching 27% of total reserves by end-2025, up from 20% a year prior. US Treasuries fell to 22% from 25%. This shift is driven by a historic gold price rally and central banks seeking alternatives to the dollar.
