Not so ‘treasured’ anymore! Why India, China are stacking up gold and trimming US Treasuries exposure
India’s US Treasury holdings fell 22.5% from $232 billion to $181 billion between April 2025 and April 2026.
India’s gold reserves rose 33.9% from 658 metric tonnes to about 881 metric tonnes over six years.
China’s US Treasury holdings dropped 12.44% from $743.6 billion to $651.1 billion between April 2025 and April 2026.
Central banks globally have doubled average annual gold purchases to 1,000 tonnes over the past four years, per a World Gold Council report.
Gold surpassed US Treasuries to become the world’s largest reserve asset, driven by rising bullion prices and geopolitical shifts.
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