Author and editor-in-chief: Vitaly Kisterny September 2, 2026, 20:15

In 2026, gold became the main beneficiary of global de-dollarization. Central banks around the world are purchasing record volumes of the precious metal, while the dollar's share in global reserves has fallen to its lowest level since 1995.

From 2020 to 2026, nearly $3.2 trillion was withdrawn from dollar reserves. For the first time in the history of observations, the number of central banks planning to reduce dollar reserves over the next decade has exceeded the number of those intending to increase them.

The world is quietly and methodically preparing for life without the dollar as the sole reserve currency. And gold is becoming the main instrument of this quiet revolution.

Photo: © Belnovosti / US dollar. Author: Vitaly Kisterny

Quiet revolution: central banks turn away from the dollar

De-dollarization has ceased to be a conspiracy theory. It is a real trend recorded by the International Monetary Fund. The dollar's share in global currency reserves fell to 56.92% at the end of the first quarter of 2026. As recently as 2001, this figure stood at 72%. A loss of 15 percentage points over 25 years is no longer a fluctuation but a sustained trend.

For the first time in the history of OMFIF surveys, a majority of the world's central banks plan to reduce the dollar's share in their reserves over the next decade rather than increase it. Central banks expect that in ten years the dollar will account for an average of about 52% of reserve portfolios. Another loss of 5 percentage points over a decade.

Why is this happening? The main reason is geopolitical uncertainty and the use of the dollar as a weapon. The freezing of Russian reserves in 2022 showed the world that dollar assets can be seized or confiscated.

As OMFIF senior economist Yara Aziz notes, "the previous assumption that state investors can wait for the situation to normalize looks increasingly unrealistic."

Golden renaissance: central banks buy record volumes

Gold is becoming the main beneficiary of de-dollarization. 30% of central banks intend to increase their investments in the precious metal over the next 1–2 years — the highest figure among all asset classes[reference:24].

Over the past four years, the world's central banks have purchased an average of about 1,000 tonnes of gold annually — twice as much as in the previous decade. In 2026, the trend intensified: net purchases exceeded 600 tonnes in the first half of the year, a record for the corresponding period.

China, India, Russia, Turkey, and a number of other countries are actively building up their gold reserves. China is already seeing results: the country's gold reserves have exceeded $340 billion, and their share in the structure of gold and foreign exchange reserves has doubled over the past three years.

Why gold? This precious metal is not dependent on any single issuer, and it cannot be frozen or confiscated. In an era of geopolitical uncertainty, this becomes critically important. As experts note, "when central banks massively buy up gold, they do so not out of historical romanticism." It is a rational response to the risks associated with the dollar system.

79% of central banks believe in a multipolar world

An OMFIF survey showed that 79% of central banks and 60% of sovereign funds are confident that the global monetary system is moving toward a "multipolar" structure. This means the dollar will cease to be the sole reserve currency, and its place will be taken by several currencies and gold.

The report names the Norwegian krone, the New Zealand dollar, and the British pound as alternative reserve currencies that are gradually increasing their share. The Chinese yuan is also being actively promoted, although its share in reserves remains modest for now.

What this means

The dollar will not collapse tomorrow — there are no alternatives to it yet. But its monopoly has cracked, and that crack is widening every day. Central banks around the world are quietly and methodically reducing their dollar reserves while increasing gold and other assets.

The process of de-dollarization will take years, but it is already irreversible. As experts note, "gold remains one of the few monetary assets without counterparty risk." In a world where trust in the dollar is weakening, this becomes an invaluable quality.

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