The percentage of global foreign exchange reserves in US dollars has fallen below 60%.

In 2025, the international gold price rose by more than 64% within the year, marking the largest annual increase since 1979. At this year's World Economic Forum, central bank gold holdings, de-dollarization, and the independence of the Federal Reserve became core topics in multiple sub-forums. As Bridgewater Associates founder Ray Dalio pointed out, compared to US bonds and other dollar assets, gold is becoming a more valued reserve asset for global central banks. The trend of central banks buying gold is reshaping the demand structure of the global gold market. Data from the International Monetary Fund shows that the percentage of the US dollar in global foreign exchange reserves has fallen below 60%, reaching a new low in decades. A survey by the World Gold Council shows that as many as 95% of central banks expect to continue buying gold in the future. This is interpreted by the market as using physical assets with no sovereign credit risk to hedge against deep-seated anxieties about the US dollar's creditworthiness.