Gold Tops Global Reserves Sharpening The Diversification Case

Gold has overtaken US Treasuries in global official reserves at 27%, driven by geopolitical hedging and central bank demand. Meanwhile, US job openings surged in April, and music royalties are emerging as a notable private market asset class.

Key Takeaways

• 1.Gold has surpassed US Treasuries in global official reserve composition, accounting for 27% of reserves as of end-2025.
• 2.The shift toward gold is driven by its role as a strategic hedge against geopolitical risk and pragmatic mobilization by central banks during currency pressure.
• 3.US labor market data shows unexpected tightness, with April job openings jumping to 7.62 million, increasing expectations for Fed interest rate hikes.

Table of Contents

• Thought of the day
• What to watch: 4 June
• Caught our attention
• Market update
• Appendix
• Global asset class preferences definitions