The dollar isn't being dethroned, but select countries are hedging with gold.
| Gold as % of reserves | 2018 | 2025 |
|---|---|---|
| India | 5.5% | 16.2% |
| China | 2.4% | 8.5% |
| Poland | 4.5% | 28.2% |
| Turkey | 21.6% | 61.1% |
The dollar's share of global reserves drifted down from 69.7% to 56.8% (2000–2025).
The reading — and its limits
A hedge, not a replacement — the trigger was the 2022 freezing of ~$300bn of Russian reserves (dollar reserves held abroad can be seized; domestic gold cannot). The share rise is partly buying and partly gold's price rise; for these four, the tonnage rise confirms real accumulation. China's reported holding is a likely-understated floor.
Method Computed from IMF primary (SDMX API) — COFER for the dollar share, IRFCL gold-value/total-reserves per country. India cross-validated against the RBI half-yearly report (880t).
Computed 22 June 2026