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 euro has lost its position as the second-largest reserve asset globally, with gold taking its place, the European Central Bank (ECB) stated in its 2025 annual review. The top European financial institution took notice of a surge in central bank purchases and record-breaking prices of the yellow metal.

The precious metal made up around 20% of global official reserves at the end of 2024, overtaking the euro’s 16%, the central bank said in a report.