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Central banks are still piling into gold — and new surveys suggest they’re also preparing to reduce their exposure to the U.S. dollar over the longer term.
That’s the takeaway from a new survey (1) of global reserve managers. The Official Monetary and Financial Institutions Forum (OMFIF) says it’s the first time its survey has found more central banks planning to reduce their dollar exposure over the next decade than increase it.
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At the same time, OMFIF found gold remains the reserve asset central banks are most interested in adding.
The findings were reinforced by a separate 2026 World Gold Council survey (2). It found 74% of respondents expect the dollar’s share of global reserves to fall over the next five years, while 89% expect global central bank gold holdings to rise over the next year. A record 45% also expect to increase their own gold holdings.
It’s a notable shift for a financial system built around the dollar for decades.
The U.S. currency still dominates global finance. It remains the largest component of central bank reserves, and demand for U.S. Treasury bonds remains strong. The dollar still has one big advantage: reserve managers see it as hard to beat on safety and liquidity. So this looks less like a breakup with the dollar and more like central banks spreading their bets.
Gold, meanwhile, is becoming a bigger part of the mix. Central banks have bought an average of about 1,000 tonnes a year over the past four years — roughly double the pace of the previous decade.
Rather than walking away from the dollar, many appear to be hedging their bets.
Reserve managers cited concerns including geopolitical tensions, government debt and changing global trade relationships as reasons to look beyond a single currency. OMFIF found geopolitical risk is becoming an increasingly important reason for central banks to hold gold, with 51% of respondents citing it as a motivation for gold purchases, up from 40% in 2024.