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Global Gold Reserves Reach Record High, Euro Area Holds 29.9%, USA 22.6%, Highest Share in 20 Years
Oct 25, 2024, 02:05 PM
Global gold reserves have reached an all-time high, with gold now constituting the largest share of central bank reserves in over 20 years. The Euro Area leads with 29.9% of global official gold holdings, followed by the USA at 22.6%. Other significant contributors include Germany (9.3%), Italy (7.8%), and France (6.8%). The surge in gold accumulation by central banks, particularly in developed countries, has been influenced by geopolitical events such as Russia's invasion of Ukraine, which led to the freezing of Russian foreign-currency reserves. This trend of increasing gold reserves may impact the United States' dominance in global finance, despite the dollar's continued status as the world's reserve currency.
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