Central banks are increasingly shifting to gold, with China being a major buyer, according to the ECB. Bullion has surpassed US Treasuries as the top global reserve asset due to higher valuations and its geopolitical hedge appeal.

China is one of the world’s largest buyers of gold as central banks shift towards the precious metal, which has overtaken US Treasuries to become the world’s top reserve asset amid higher valuations and its appeal as a geopolitical hedge, the European Central Bank said. The world’s second-largest economy was the fourth-largest per-country buyer of gold in 2025 after Poland, Kazakhstan and Brazil, purchasing about 25 tonnes, the ECB stated. It estimated that China had bought more than 350 tonnes....