Gold overtakes U.S. Treasuries as the world’s largest foreign reserve asset in 2026 — can gold challenge the U.S. dollar’s dominance and hold its ground?

Gold overtakes U.S. Treasuries as the world’s largest foreign reserve asset in 2026: Gold has crossed a historic milestone. In 2026, it overtook U.S. Treasuries to become the world’s largest foreign reserve asset by value. Central banks now hold close to $4 trillion worth of gold, driven by record buying and a sharp price rally above $4,500 an ounce in 2025. According to data tracked by the World Gold Council, official gold reserves reached roughly 36,000 metric tons by early 2026. At current prices, that stockpile is now worth more than foreign-held U.S. Treasuries.