Central Banks Turn to Gold Amid Dollar Dependence Fears

The dollar's dominance is forcing central banks to consider gold as a hedge against dependence on the US currency system, according to Edward Fishman, Senior Fellow and Director of the Maurice R. Greenberg Center for Geoeconomics at the Council on Foreign Relations.

Fishman spoke with Kitco Mining at the 2026 Mining Forum Americas in Colorado Springs, highlighting that economic power is increasingly tied to currencies, critical minerals, and supply chains that are difficult to replace.

The freezing of Russia's central-bank reserves accelerated official-sector gold buying as countries looked for ways to hedge against dependence on the dollar system, Fishman said.