ECB says gold surpasses US Treasury bonds as leading global reserve asset

The European Central Bank reports a shift in the hierarchy of global reserve assets. Gold has overtaken United States government bonds as the top reserve asset worldwide. The change reflects investors’ preference for gold over sovereign debt. The ECB’s statement is cited as the source of the information. No further data on the magnitude of the shift is provided. The development may affect central bank portfolio strategies. It highlights the growing appeal of gold in international finance. Market participants will likely monitor the impact on bond markets.