A shifting global landscape sees central banks rebalancing reserve portfolios away from US dollar reliance, favouring gold and emerging currencies amid geopolitical and economic uncertainties.
Central banks are quietly reshaping reserve portfolios in ways that suggest the long-standing supremacy of the US dollar is being reassessed. According to a recent OMFIF survey, more public investors now expect to cut their dollar holdings over the next decade than to raise them, a striking reversal that underscores how geopolitical strain, policy uncertainty and debt concerns are altering the outlook for reserve management.
The shift is not simply towards another major currency. The World Gold Council says reserve managers are increasingly looking to gold, as well as to a wider mix of non-traditional assets, including the Japanese yen and the Chinese renminbi, in an effort to spread risk and reduce dependence on any single financial system. That broader diversification strategy reflects a growing view that reserve portfolios need more than liquidity alone; they also need insulation from sanctions risk, currency volatility and the political leverage that can come with dollar assets.
Gold’s role has become especially prominent. Several surveys point to official-sector demand remaining robust, with a significant share of central banks expecting their gold reserves to rise over the coming year and beyond. Industry analysis suggests that the metal is increasingly treated not as a speculative trade but as a neutral anchor in a fragmented monetary order, one that can sit alongside other reserve assets without carrying the liabilities of a sovereign issuer.
The backdrop helps explain the urgency. The dollar’s share of global reserves has fallen materially from its levels around the turn of the century, while gold has gained ground, and holdings of US Treasuries have also come under more scrutiny as reserve managers search for greater balance. At the same time, China is stepping up efforts to expand the renminbi’s international role, adding another layer to the gradual move towards a more multipolar system.
What is emerging is less a sudden rupture than a steady reweighting of global reserves. But the direction of travel is clear: central banks are no longer assuming that dollar dominance will remain unchallenged, and gold is once again at the centre of that conversation.
- https://metalsandminers.substack.com/p/for-the-first-time-in-history-more – Please view link – unable to able to access data
- https://ceoworld.biz/2026/06/15/are-central-banks-rethinking-their-dependence-on-the-u-s-dollar/ – Central banks are diversifying away from the U.S. dollar by increasing allocations to gold and non-traditional currencies, while reducing exposure to U.S. Treasuries and dollar-denominated assets. This trend aims to balance reserve portfolios and mitigate risks associated with reliance on a single currency. The U.S. dollar’s share of global reserves has declined from over 70% around 2000 to the high 50s today, with gold’s share rising to approximately 27%, surpassing U.S. Treasuries at about 22%. Surveys indicate that nearly half of central banks plan to further increase gold allocations, reinforcing its role as a neutral anchor in an increasingly fragmented system.
- https://policy.economy.ac/news/2026/06/202606289365 – Central banks worldwide are reducing their U.S. dollar-denominated assets and increasing gold holdings. This shift is driven by geopolitical risks and a desire to protect national wealth from the vulnerabilities of the current fiat system. China is also accelerating efforts to strengthen the yuan’s global influence, aiming to reshape the financial order that has long been centered on the U.S. dollar.
- https://www.gold.org/goldhub/research/central-bank-diversification-strategies-rebalancing-dollar-and-euro – A World Gold Council report examines central banks’ strategies to diversify reserve portfolios by reducing allocations to the U.S. dollar and euro, while increasing purchases of traditional assets like gold and Japanese yen, and new alternatives such as the Chinese renminbi. The report discusses the role of alternative reserve assets, portfolio optimisation, and the renewed relevance of gold in the context of these diversification strategies.
- https://www.idnfinancials.com/news/65456/omfif-bank-sentral-global-pangkas-porsi-dolar-emas-kian-diburu?sl=en – An OMFIF survey found that central banks are beginning to reduce dollar holdings and increase gold ownership. The dominance of the U.S. dollar as the world’s reserve currency is facing new challenges, with more central banks planning to reduce their holdings of dollar-denominated assets over the next 10 years. This shift reflects growing concerns over U.S. policy uncertainty and heightened geopolitical risks.
- https://investingnews.com/central-banks-increase-gold-allocations/ – Global central banks plan to increase their gold reserves while reducing exposure to the U.S. dollar over the next five years, according to the World Gold Council’s 2026 Central Bank Gold Reserves survey. The survey indicates that 45% of respondents expect their institutions’ gold reserves to increase over the next 12 months, highlighting a rising trend in gold accumulation as central banks adjust their reserve portfolios.
- https://www.fxstreet.com/news/de-dollarization-alert-central-banks-plan-to-keep-swapping-dollars-for-gold-202607072018 – Central bankers expect de-dollarization to continue over the next several years, with gold and other currencies taking on a growing role in the global monetary system, according to a survey by the Official Monetary and Financial Institutions Forum (OMFIF). This comes on the heels of a World Gold Council survey reflecting the same sentiment, indicating a shift away from the U.S. dollar towards alternative assets.
Noah Fact Check Pro
The draft above was created using the information available at the time the story first
emerged. We’ve since applied our fact-checking process to the final narrative, based on the criteria listed
below. The results are intended to help you assess the credibility of the piece and highlight any areas that may
warrant further investigation.
Freshness check
Score:
3
Notes:
⚠️ The article was published on 11 July 2026, which is within the past 7 days, so it is fresh. However, the content heavily relies on a recent OMFIF survey, which has been reported by other reputable sources, indicating a lack of originality. ([omfif.org](https://www.omfif.org/2026/06/central-banks-are-riding-the-wave-of-persistent-volatility/?utm_source=openai))
Quotes check
Score:
2
Notes:
⚠️ The article includes direct quotes from the OMFIF survey, but these quotes are not independently verified. ([omfif.org](https://www.omfif.org/2026/06/central-banks-are-riding-the-wave-of-persistent-volatility/?utm_source=openai))
Source reliability
Score:
2
Notes:
⚠️ The article originates from a Substack publication, which is a platform that allows individuals to publish content without editorial oversight. This raises concerns about the reliability and credibility of the source.
Plausibility check
Score:
4
Notes:
⚠️ The claims about central banks diversifying away from the US dollar and increasing gold holdings are plausible and align with recent trends. However, the article’s sensationalist tone and lack of independent verification raise questions about the accuracy of the information presented. ([omfif.org](https://www.omfif.org/2026/06/central-banks-are-riding-the-wave-of-persistent-volatility/?utm_source=openai))
Overall assessment
Verdict (FAIL, OPEN, PASS): FAIL
Confidence (LOW, MEDIUM, HIGH): HIGH
Summary:
❌ The article fails to meet verification standards due to its reliance on a single, unverified source, lack of independent verification, and its nature as an opinion piece.