↑ De-dollarization rises → Gold falls ↓Source: IMF COFER (Currency Composition of Official Foreign Exchange Reserves)·Quarterly · ~1 quarter lag
What is the De-dollarization?
This tracks how much of the world's central bank reserves are held in US dollars. It's been falling for decades — from 73% in 2000 to 66% in 2015 — and the decline sped up after Russia's dollar reserves were frozen in 2022. 'De-dollarization' is the name for that slow shift: countries gradually holding less of their savings in dollars.
We don't show a current live figure here — the data source (IMF COFER) requires a commercial-reuse license we haven't requested yet — so this page tracks the trend qualitatively rather than a specific up-to-date number.
How does it affect gold?
↓ Rule: When De-dollarization rises → gold tends to fall
As countries hold fewer dollars, that money has to go somewhere — and gold is one of the main places it goes, because it isn't any single country's currency and can't be frozen or sanctioned by a foreign government.
When this number falls (less dollar dominance), that's bullish for gold. When it rises (dollar regaining share), that's a headwind.
This moves slowly — think years and decades, not days.