More than a simple de-dollarization process, several countries have been reducing their exposure to the U.S., particularly within the Global South, and gold has entered the hegemonic struggle.
Despite investment demand being the primary driver of the market last year, central bank gold purchases remained significantly above pre-2022 averages, having more than doubled. Of the 863.3 tons purchased in 2025, certain movements are noteworthy, particularly in China, which continues to challenge the dominant role of the U.S. With substantial sales of U.S. Dollar-denominated securities.
Poland was the largest formal buyer last year, according to data from the World Gold Council (WGC), reaching reserves exceeding those of the European Central Bank (ECB), while Kazakhstan, Brazil, Turkey, and Azerbaijan followed in the rankings. Conversely, Singapore, Russia, and Jordan recorded net sales.
Content reserved for subscribers. Read here the full article. Edition of Jornal Económico from February 13.
