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?
Summary
Gold has overtaken U.S. Treasuries to become the world’s largest foreign reserve asset in 2026, with central banks amassing roughly 36,000–37,000 tonnes and reserves approaching $4 trillion. The move is driven by diversification away from dollar-denominated assets, safe-haven demand amid geopolitical risk, and a rally in gold prices, though the dollar remains dominant and forecasts suggest further upside for gold in 2026.