IMF chief economist notes minimal signs of de-dollarization as gold demand and stablecoins fail to disrupt USD’s central role in global trade.
The global economy remains firmly anchored by the U.S. dollar despite shifts in trade flows and tariff policies, the IMF’s outgoing chief economist said. Pierre-Olivier Gourinchas noted that even rising gold prices, driven by exchange-traded funds and stablecoin issuers, have not weakened the dollar’s dominance in trade, banking, or central bank reserves.
Over the past decade, developments suggesting a move away from the dollar have been minor, Gourinchas added. Central banks are not actively increasing gold holdings, and the dollar’s role as the primary reserve currency remains unchallenged. The comments follow recent U.S. inflation data that slightly eased expectations for further interest rate hikes.
Gold prices rose 1.4% to $4,083 per ounce in early trading Friday, recovering from a fourth consecutive weekly decline. The dollar’s slight weakening contributed to the uptick, though broader trends show no significant shift away from its central position.