‘The dollar is losing credibility’: why central banks are scrambling for gold

The Guardian - World NewsCenter-LeftEN 6 min read 100% complete by Richard Partington Senior economics correspondentJanuary 16, 2026 at 05:00 PM

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long article 6 min

Central banks, including Serbia's, are increasingly stockpiling gold, driving its price to record highs. This trend reverses decades of economic norms as geopolitical tensions rise and confidence in the US dollar weakens. The share of gold in central bank reserves has doubled in the last decade, reaching a 30-year high. Experts attribute this to a desire for a safe haven asset amidst global instability and a move to repatriate gold holdings while reducing reliance on the dollar. Concerns about the US Federal Reserve's independence and the potential for asset confiscation are also fueling the shift towards gold as a strategic reserve.

Key Entities & Roles

Key Player Opposition Context

International Monetary Fund 40% Belgrade 50% US Congress 50% Carmignac 50% Swiss 60% Raphaël Gallardo 60% Washington 60% Donald Trump ×270% Jorgovanka Tabaković 70% US Federal Reserve 80% Serbia 80% United States ×390%

Keywords

gold 100% central banks 100% us dollar 90% official reserves 70% global monetary system 60% geopolitical tensions 60% federal reserve 50% investor confidence 40%