The US dollar has diminished its safe-haven appeal due to volatile Federal Reserve rate cuts but continues to enjoy strong global demand, with 80% of foreign investors holding onto it. The dollar's decline appears cyclical rather than structural, and no significant de-dollarization trend is observed in global asset usage. Meanwhile, gold is gaining favor as a competing safe-haven asset, increasing its share of global currency reserves to 28%, surpassing major currencies like the Euro, Yen, and Pound combined.