New survey shows central banks are starting to ditch the dollar and buy more gold instead

A Moneywise article reports that a new OMFIF survey suggests central banks are increasingly reducing U.S. dollar exposure while continuing to accumulate gold. For the first time, more reserve managers expect to shrink dollar holdings over the next decade than increase them, though the dollar still dominates global reserves and there is no sign of a wholesale abandonment. The shift appears to be driven by geopolitical tensions, rising government debt and changing trade relationships. Gold remains the preferred reserve asset, supported by its role as a store of value and its near-record price performance. The article frames the trend as a diversification move rather than a rejection of the dollar, and notes that the implications for investors are more about portfolio diversification than a direct tradeable catalyst. The tone is supportive of gold but cautious about overinterpreting central bank behavior for individual portfolios.