International News
Gold, ‘Non-traditional reserve currencies’ eat into U.S. dollar’s reserve dominance: Wolf Richter
Gold and other reserve currencies – but not the euro or renminbi – are steadily eroding the U.S. dollar’s position as the world’s preeminent reserve asset, according to Wolf Richter, analyst and publisher of Wolf Street.
“The status of the US dollar as the dominant global reserve currency has helped the US fund its twin deficits, and thereby has enabled them: the huge fiscal deficit every year and the massive trade deficit every year,” Richter wrote in an article published Monday. “The reserve currency status comes from other central banks (not the Fed) having purchased trillions of USD-denominated assets such as Treasury securities, other government securities, corporate bonds, and even stocks. The dollar status as the dominant reserve currency has been crucial for the US, and as that dominance declines ever so slowly, risks pile up ever so slowly.”
Total holdings of USD-denominated securities by other central banks (not the Fed) fell by $59 billion to $6.63 trillion at the end of 2024, from $6.69 trillion at the end of 2023,” he noted. “And the dollar’s share declined to 57.8% of total allocated exchange reserves at the end of 2024, the lowest since 1994, down by 7.3 percentage points in 10 years, as central banks have been diversifying their holdings for years to assets denominated in currencies other than the dollar, and into gold.”
International News
Platinum Jewellery Gains Share Amid Record Gold Prices, PGI Reports Q4 2025 Market Shifts
Momentum key Regions In The Q4 Validates Platinum’s Growing Relevance In Today’s Jewellery Market.
The Platinum Guild International (PGI) today released its Q4 2025 Platinum Jewellery Business Review (PJBR), highlighting varying regional performance trends, with platinum’s value proposition remaining supportive in key markets against a backdrop of record-high gold prices and evolving trade dynamics.
Tim Schlick, CEO of Platinum Guild International, Said:
“The momentum we observed across key regions in the fourth quarter validates platinum’s growing relevance in today’s jewellery market. With gold prices remaining elevated, platinum continues to offer a premium yet accessible alternative that appeals to value-conscious consumers and luxury buyers alike. Looking ahead, PGI remains committed to partnering with the trade to capitalise on this favourable price dynamic—driving innovation, supporting strategic marketing initiatives, and reinforcing platinum’s enduring value in bridal, fashion, and other key segments.”
Regional Market Highlights
China
China’s platinum fabrication softened further in Q4 after a strong first half, but still recorded a 56% annual increase for 2025. The slowdown was driven by a combination of slower inventory turnover and elevated metal prices, which diverted retailer capital towards gold and dampened restocking sentiment. Wholesalers liquidated generic stock to realise capital gains, while retailers prioritised operational resilience. Despite significant challenges, PGI’s retail partners outperformed the broader market, achieving a 7% year-over-year increase in platinum jewellery sales volume during the last quarter of 2025.
India and the Middle East
In India, platinum jewellery continued to outperform the broader market, with strategic partners’ retail sales growing 10% year-over-year. Overall jewellery demand saw a marginal uptick, supported by the festive season and a shift toward lightweight purchases, though volume growth was constrained by a high comparison base and sharp gold price increases. Promotional efforts for brands such as Men of Platinum reinforced platinum’s value amidst price volatility.
PGI continued expanding its UAE presence by onboarding new retailers, bringing the total to 174 stores at the end of 2025.
Japan
Japan’s jewellery market saw value recover in Q4 due to sustained price increases, while platinum jewellery unit sales recorded a notable 1.5% year-on-year recovery. This upturn was partly supported by substitution away from gold amid extreme price volatility. For the full year, platinum’s share of unit sales rose, whilst white gold’s share declined.
United States
In the U.S., platinum jewellery sales reflected a clear divergence between declining unit volumes and strong value growth, with dollar sales significantly outpacing volumes. Record-high gold prices cooled volume demand across the broader industry, but platinum’s price—remaining less than half that of gold—bolstered its appeal. Despite tariff-related headwinds, the shift from white gold to platinum accelerated, with strategic partners reporting double-digit revenue growth.
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