Gold has surpassed US Treasury bonds to become the world's largest single reserve asset for central banks.

On January 25th, according to Bitget data, spot gold rose another 1.01% intraday, currently trading at $4986.13 per ounce, approaching the historic $5000 per ounce mark. Gold has now surpassed US Treasury bonds to become the largest single reserve asset held by global central banks, marking the first time this historic reversal has occurred since 1996. According to the latest data from the World Gold Council, the total value of gold reserves held by non-US central banks has approached or exceeded $4 trillion, slightly higher than the approximately $3.9 trillion in US Treasury bonds held by central banks worldwide. Gold prices surged nearly 65% in 2025, breaking historical records more than 50 times throughout the year. On January 1st, 2025, the gold price was $2624.27 per ounce, closing the year at $4318.53 per ounce. So far in 2026, with only 25 trading days, it has recorded another gain of approximately 15%. Emerging market central banks have been the most active buyers of gold, using it to hedge against geopolitical risks, concerns about the credibility of the US dollar, sanctions risks, and the trend of de-dollarization. Gold is considered a "neutral" asset with no counterparty risk, and its share in global reserves has risen to approximately 18%. Global reserve management is undergoing a structural change, with central banks shifting from reliance on dollar assets to diversified hard asset allocations. Ray Dalio, founder of Bridgewater Associates, stated at the World Economic Forum in Davos this week that the global monetary order is collapsing, and the US and its allies are losing trust in each other, recommending buying gold. Previously, people used fiat currency and bonds as "piggy banks," but central banks are beginning to feel that these banks may contain "time bombs," and the world is entering a capital war.