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Central banks lift gold exposure while trimming US Treasury dependency
Central banks are reducing long-run US Treasury dependence and scaling gold allocations, signalling structural reserve rebalancing as sovereign macro hedges shift into commodity backed buffers.
Global central banks have continued gradually increasing gold reserves while reducing allocations to US Treasuries, citing hedging necessity amid rising political uncertainty, sanctions risk, oil-linked volatility, and election-linked dollar swings. India crossed the $100 billion gold reserve threshold, adding importance to strategic metal allocations in emerging market reserve defence playbooks. Macro strategists say treasury downshifts reflect a structural shift rather than temporary risk aversion. This move could make future sovereign liquidity cycles more commodity sensitive and pricing transmission pathways more nonlinear across cross-asset hedging regimes going into 2026.