In this present world full of so many uncertainty and disagreement between large economies rise of the china and militarize use of the Dollar by USA, making dollar less attractive as their reserve currency.
Now world is looking for the alternative reserve currency and start to move forward to Euro after its introduction in 1999 and now countries are moving toward Euro, Yen or Yuan but still lot of countries are not having much trust in these new currency so they are moving towards gold as well.
But Still American Dollar is the most demanding reserve currency in the world.
Below is the list of the few countries which increase their gold reserve more and reduce the US dollar as a reserve.
| Country | 2020 | 2010 |
In Tons (Approx)
Russia 2,299.20 343.41
China 1,948.30 1,035.81
Turkey 485.20 116.00
Serbia 30.90 13.80
UAE 29.50 1.00
Magnolia 23.40 1.80
Russia was the largest gold buyer as a reserve currency (India is the largest buyer of gold in a decade but for private sale in the market not as a reserve)
(Detail of the Gold reserve Increase in last Decade by countries and their current Holding)
Euro is also rising as a alternative currency there are few countries with the largest euro reserve as well
China
Russia
European Union
Iran
Now Countries are also start to diversify their foreign reserve but still dollar is the most trusted and reserve currency in the world with around 71 % of world reserve. So it will be very primitive to say that dollar is less trust worthy currency in the world.
Nice Article
Thanks