Central banks to cut dollar reserves, increase gold

A landmark survey of global public investors released on Tuesday, June 30, 2026, reveals a significant shift in reserve management, with more central banks now planning to reduce their long-term holdings of U.S. dollars than to increase them. This marks the first time such a sentiment has been recorded since the survey began tracking investment intentions in 2023.

The survey, conducted by the London-based Official Monetary and Financial Institutions Forum (OMFIF) between March and May, gathered responses from 74 central banks, as well as sovereign wealth funds and public pension funds managing over $10 trillion in assets. The findings indicate that political risks, geopolitical tensions, and uncertainty surrounding U.S. policymaking are prompting official institutions to reassess their dependence on the dollar. While the dollar remains the dominant reserve currency, its share in central bank reserves has fallen to a two-decade low, currently standing at roughly 58%.

The report highlights a broader belief among 79% of central banks that the global monetary system is evolving toward a multipolar structure, where reserves are distributed across multiple currencies rather than...