New survey shows central banks are starting to ditch the dollar and buy more gold instead — should you do the same? Laura Grande July 14, 2026 8 min read DX-Y.NYB Photo by Uli Deck / Picture Alliance via Moneywise and Yahoo Finance LLC may earn commission or revenue through links in the content below. Central banks have been buying gold at a record pace.
Now, some of them are signaling they may want a little less exposure to the U.S. dollar, too. That's the takeaway from a new survey (1) of global reserve managers. The Official Monetary and Financial Institutions Forum (OMFIF) says it's the first time its survey has found more central banks planning to reduce their dollar exposure over the next decade than increase it.
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It's a notable shift for a financial system built around the dollar for decades. The U.S. currency still dominates global finance. It remains the largest component of central bank reserves and demand for U.S.
Treasury bonds remains strong. There is little indication that countries are preparing to walk away from the dollar entirely. Instead, many appear to be taking a different approach: hedging their bets.
Reserve managers cited concerns including geopolitical tensions, government debt and changing global trade relationships as reasons to look beyond a single currency. For some countries, holding more gold or other currencies is simply a way to avoid placing too much faith in a single financial system. Gold, in particular, has benefited from that thinking.
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