A majority of global central banks now expect gold to grow as a reserve asset while views on the US dollar turn dimmer

May 30, 2023, 10:36 PM GMT+5

"A clear majority of central banks around the world now see gold becoming a more prominent reserve asset, suggesting the de-dollarization trend will continue in the coming years.

According to a World Gold Council survey, 62% of banks expect gold to account for a greater share of total reserves over the next five years, compared with last year's reading of 46%. see gold becoming a more prominent reserve asset, suggesting the de-dollarization trend will continue in the coming years.

Meanwhile, the survey found that half of respondents expect the dollar to account for 40%-50% of reserves in five years."

"Central banks have been buying gold aggressively, especially after Russia's invasion of Ukraine last year triggered sanctions on Moscow that froze its foreign currency holdings.

That has led to more countries trying to reduce their vulnerability to the dollar in their own economies, with gold emerging as a top alternative."

SOURCE:

https://markets.businessinsider.com/news/commodities/dedollarization-central-banks-gold-reserve-asset-dollar-dominance-russia-haven-2023-5

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