Central banks bought 863 tonnes of gold in 2025 - nearly twice the pre-2022 average, even after cooling from three straight years above 1,000 tonnes. Gold now tops $4,600 an ounce.
Over the same stretch, the dollar's share of global reserves has kept sliding. The latest IMF data shows it at 56.9% as of Q3 2025, down from its 2001 peak of 72%.
Poland led 2025 buying with over 80 tonnes added. China continued steady accumulation, bringing its stockpile to 2,257 tonnes. India now holds 822 tonnes.
The rush goes back to 2022. That's when the U.S. and allies froze $300 billion in Russian central bank holdings.
That freeze came after the war in Ukraine. It sent a message to every other country.
Dollar holdings can be blocked at any time. But gold can't be shut off by anyone.
In 2025, central banks bought 863 tonnes for the full year. That still runs well above the pre-2022 norm of around 500 tonnes a year.
BRICS nations now hold 17.4% of all gold in central bank vaults. That share rose from 11.2% in 2019.
Dozens of other countries are moving the same way. The shift is broad, not limited to a few big buyers.
Gold doesn't pay interest and it doesn't grow like a stock. But it can't be frozen or seized by a foreign government.
After 2022, that trait matters more than yield. The buying isn't coming from small or fringe countries either.
China, India, Poland, and the Gulf states are some of the world's biggest buyers. Most are adding gold at the fastest rate in decades.
The dollar peaked at 72% of global central bank reserves in 2001. By Q3 2025, that share had dropped to 56.9%.
The decline picked up speed after 2022, when the U.S. froze $300 billion in Russian central bank assets.
The old oil-for-dollars system is cracking at the same time. Saudi Arabia chose not to renew the petrodollar deal in June 2024.
Iran has started offering ships passage through the Strait only if they pay in yuan. That's the most direct move away from dollar-based oil pricing so far.
By the numbers:
The dollar still handles about 80% of global trade. This isn't a sudden break.
The long-term trend has held for years. And the pace has picked up since 2022.
Gold and other assets priced outside the dollar are showing up in new places. Funds that used to hold only stocks and bonds now carry gold as a hedge.
When central banks keep accumulating gold year after year, that's a trade in motion. They are pulling cash out of dollars at the same time.
It's not a guess about the future. It's what's already taking place - quarter after quarter, year after year.
