Macro Analysis: Central Banks Restructure Reserves – Gold Returns to the Core

Data from the World Gold Council indicates that 95% of central banks expect to continue purchasing gold, signaling a structural reallocation within the global reserve system.

At the same time, IMF data confirms that the U.S. dollar’s share of global foreign exchange reserves has fallen below 60%, the lowest level in decades. Against the backdrop of expanding U.S. public debt, persistent fiscal deficits, and heightened real interest rate volatility, gold is increasingly viewed as a more resilient reserve asset than U.S. Treasury bonds.

At its core, this shift reflects a strategic preference for tangible assets free from sovereign credit risk, aimed at reducing reliance on a single dominant reserve currency.

The key implication is not an imminent collapse of the U.S. dollar, but rather a gradual transition toward a more multipolar monetary order, in which the dollar’s absolute dominance continues to erode.

⚠️ This content is for analytical purposes only and does not constitute investment advice.