Gold Is Once Again Becoming The World's Favorite Reserve Asset: The Dynamics of De-dollarization

Authors

  • Dian Eka Wahyuni Department Management, Universitas Negeri Yogyakarta, Yogyakarta, Indonesia
  • Rintan Dwi Aprilian Department Management, Universitas Negeri Yogyakarta, Yogyakarta, Indonesia
  • Bintang Lazuardi Benteng Buana Muslim Department Management, Universitas Negeri Yogyakarta, Yogyakarta, Indonesia

DOI:

https://doi.org/10.31101/imbas.v1i2.4603
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Keywords:

De-dollarization , Gold Reserves, BRICS, Global Finance , Multipolar System

Abstract

The acceleration of the trend toward de-dollarization reflects structural transformation in the global financial architecture. This study aims to analyze the main drivers of this phenomenon and the strategic role of gold, which has once again become the preferred global reserve asset. Using a descriptive qualitative approach with secondary data from the World Gold Council and the IMF (2010-2024 period), this study identifies three key factors: geopolitics (financial sanctions and rivalry between major powers), economics (US fiscal deficits and inflation), and structural factors (BRICS efforts to establish a non-dollar payment system). The results show that gold has been repositioned as a strategic “shield” against the risks of sanctions and monetary uncertainty, rather than merely an investment commodity. In conclusion, the aggressive accumulation of gold by central banks signals a shift towards a multipolar order, where economic stability and sovereignty take precedence over the efficiency of the dollar-based system.

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Published

2025-12-26

How to Cite

Dian Eka Wahyuni, Rintan Dwi Aprilian, & Buana Muslim, B. L. B. (2025). Gold Is Once Again Becoming The World’s Favorite Reserve Asset: The Dynamics of De-dollarization. Journal of Innovation, Business Management and Entrepreneurship, 1(2), 54–69. https://doi.org/10.31101/imbas.v1i2.4603

Issue

Vol. 1 No. 2 (2025): Innovation

Section

Articles