In a landmark shift for global finance, gold has officially overtaken the euro to become the world's second-largest reserve asset. This development, highlighted by reports from CNBC and the European Central Bank, shows gold now accounting for approximately 20% of global official reserves, while the euro has fallen to 16%.
The surge is fueled by record-level purchases from central banks across the globe. These institutions are increasingly turning to the precious metal as a reliable hedge against persistent inflation, the risk of economic sanctions, and widespread currency volatility.
The surge is fueled by record-level purchases from central banks across the globe. These institutions are increasingly turning to the precious metal as a reliable hedge against persistent inflation, the risk of economic sanctions, and widespread currency volatility.