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Surveys find central banks plan less dollar exposure and more gold

OMFIF’s survey says more reserve managers expect to cut dollar exposure over the next decade than increase it, while 51% cite geopolitical risk as a reason for buying gold.

Tuesday, August 18, 2026 · Written up by our desk · Precious Metals

Central banks are continuing to add gold while also preparing, over the longer term, to reduce their exposure to the U.S. dollar, according to surveys highlighted by Yahoo Finance.

The Official Monetary and Financial Institutions Forum, or OMFIF, said its latest reserve managers survey marks the first time it has found more central banks planning to reduce dollar exposure over the next decade than increase it. Yahoo Finance also cites a separate 2026 World Gold Council survey showing 74% of respondents expect the dollar’s share of global reserves to fall over the next five years and 89% expect central bank gold holdings to rise over the next year, with a record 45% expecting to increase their own gold holdings.

Despite the shift in expectations, the dollar remains the dominant reserve asset. Yahoo Finance notes the U.S. currency is still the largest component of central bank reserves and demand for U.S. Treasury bonds remains strong, with reserve managers describing the dollar as hard to beat on safety and liquidity.

The surveys point to growing diversification motives for gold purchases, including geopolitical tensions, government debt, and changing global trade relationships. OMFIF estimates central banks have bought an average of about 1,000 tonnes of gold a year over the past four years, roughly double the pace of the previous decade, and it found geopolitical risk was cited by 51% of respondents as a motivation in 2026, up from 40% in 2024.

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