Gold surpasses the euro as second global reserve asset

Silver and platinum prices rise

Gold has overtaken the euro to become the world’s second largest global reserve asset after the US dollar, according to the European Central Bank (ECB).

ECB president Christine Lagarde said "the accumulation of gold by central banks continued at a record pace and some countries have been actively exploring alternatives to traditional cross-border payment systems". During 2024, central banks purchased over 1,000 tonnes of gold in 2024, equivalent to double the average level seen over the previous decade.  Retail investors back gold to be most valuable asset class Central banks across the globe now hold 36,000 tonnes of gold, near the all-time high of 38,000 tonnes hit in 1965 during the Bretton Woods era.  "With the price of gold...