Globally, central banks now hold 27% of their reserve assets in gold, surpassing US dollar Treasuries at 22%, and just a year ago this was 20% gold versus 25% Treasuries, according to the latest report by the European Central Bank. In 2023, gold’s share was just 16%. Since the Russia-Ukraine war in 2022, China has purchased over 350 tonnes of gold, followed by Poland (320 tonnes), Türkiye (220 tonnes) and India (130 tonnes), according to the ECB, as geopolitical tensions continued to drive strong central bank demand for gold. According to the FT: The shifting composition of reserve assets — highly…