The euro and U.S. dollar made up more than ***** of 10 SWIFT payments worldwide in September 2025, outperforming many other currencies. This is according to a monthly report meant to track the market share of China's yuan renminbi within the international bank transfer system SWIFT. Although China holds the largest forex reserves in the world, the yuan ranked as the *****-used currency in international payments. The figures concern customer-initiated and institutional payments and exclude trade. Discussions on the potential weakening role of the U.S. dollar especially touch world trade and forex. For example, the share of the USD in forex reserves declined visibly against the euro and Japanese yen in 2024. What sparked this de-dollarization trend, and will it continue? Trade sanctions and de-dollarization De-dollarization in 2024 is mentioned mostly alongside trade and the BRICS countries - an informal name given to Brazil, Russia, India, China, and South Africa. The combined GDP of BRICS is about ** percent of the world's economy. After the start of the Ukraine war and Russia received economic sanctions, the BRICS slowly evolved into a trading bloc. The group increasingly wanted its own currency to settle payments within the trade bloc, to avoid using the U.S. dollar. In August 2024, BRICS gathered in South Africa to discuss the creation of such a new joint currency. Additionally, ** countries - including Argentina, Algeria, Egypt, Saudi Arabia, Turkey, and Yemen - expressed interest in joining the BRICS group. CBDC, or projects into a digital payment settlement A factor of future uncertainty for the U.S. dollar is how central bank digital currencies (CBDC) develop in emerging countries. Several projects exist between individual countries that specifically target cross-border interbank payments. A cooperation between Thailand and Hong Kong, Inthanon-Lionrock, ranks as the most advanced of these projects. CBDC does not require the U.S. dollar to function. Tangible such as commodities or gold can back them. The value of transactions processed with CBDC is to grow by ******* percent between 2024 and 2030.

The Zimbabwean Gold USDZiG exchange rate rose to 26.1710 on December 2, 2025, up 0.08% from the previous session. Over the past month, the Zimbabwean Gold Currency Exchange Rate USDZiG has weakened 0.79%, but it's up by 2.22% over the last 12 months. Zimbabwean Gold Currency Exchange Rate USDZiG - values, historical data, forecasts and news - updated on December of 2025.

Information on the amount of gold that is available across various U.S. Treasury-maintained locations, as well as data on the weight and book value of these gold reserves.

Gold fell to 4,199.97 USD/t.oz on December 2, 2025, down 0.75% from the previous day. Over the past month, Gold's price has risen 4.93%, and is up 58.92% compared to the same time last year, according to trading on a contract for difference (CFD) that tracks the benchmark market for this commodity. Gold - values, historical data, forecasts and news - updated on December of 2025.

Gold Reserves in the United States remained unchanged at 8133.46 Tonnes in the third quarter of 2025 from 8133.46 Tonnes in the second quarter of 2025. This dataset provides - United States Gold Reserves - actual values, historical data, forecast, chart, statistics, economic calendar and news.

The market cap of stablecoin that have gold as a collateral remained relatively unchanged, bar the addition of Gold Token in ********. These types of digital assets were far less common than stablecoins backed by USD, however. Tether (USDT) and USD Coin (USDC), for example, have market caps that are worth several times the numbers presented by Paxos Gold (PAXG) and Tether Gold (XAUT). There are, however, different examples of these so-called collateralized stablecoins, or stablecoins that are entirely or near entirely backed up by a reserve asset.

The outflow of gold-backed ETFs in Europe has been relatively volatile in previous years. Almost every dip in outflow levels has been followed by an increase, with the first quarter of 2021 being the only exception. In this period the outflow level dropped by an additional **** billion U.S. dollars from the previous quarter. Fund flows keep track of the cash being paid in (inflows) and out (outflows) of a financial product.

The price of gold per troy ounce increased considerably between 1990 and 2025, despite some fluctuations. A troy ounce is the international common unit of weight used for precious metals and is approximately **** grams. At the end of 2024, a troy ounce of gold cost ******* U.S. dollars. As of * June 2025, it increased considerably to ******** U.S. dollars. Price of – additional information In 2000, the price of gold was at its lowest since 1990, with a troy ounce of gold costing ***** U.S. dollars in that year. Since then, gold prices have been rising and after the economic crisis of 2008, the price of gold rose at higher rates than ever before as the market began to see gold as an increasingly good investment. History has shown, gold is seen as a good investment in times of uncertainty because it can or is thought to function as a good store of value against a declining currency as well as providing protection against inflation. However, unlike other commodities, once gold is mined it does not get used up like other commodities (for example, such as gasoline). So while gold may be a good investment at times, the supply demand argument does not apply to gold. Nonetheless, the demand for gold has been mostly consistent.

Key information about China Gold Reserves

• China Gold Reserves was reported at 297.209 USD bn in Oct 2025
• This records an increase from the previous number of 283.291 USD bn for Sep 2025
• China Gold Reserves data is updated monthly, averaging 3.093 USD bn from Dec 1977 to Oct 2025, with 552 observations
• The data reached an all-time high of 297.209 USD bn in Oct 2025 and a record low of 425.000 USD mn in Feb 1985
• China Gold Reserves data remains active status in CEIC and is reported by CEIC Data
• The data is categorized under World Trend Plus’s Global Economic Monitor – Table: Gold Reserves: USD: Monthly

CEIC extends history for monthly Gold Reserves. The People's Bank of China provides Gold Reserves in USD. Gold Reserves prior to June 2015 are sourced from the International Monetary Fund.

Eritrea ER: Total Reserves: Including Gold data was reported at 114.796 USD mn in 2011. This records an increase from the previous number of 114.150 USD mn for 2010. Eritrea ER: Total Reserves: Including Gold data is updated yearly, averaging 50.450 USD mn from Dec 1995 (Median) to 2011, with 17 observations. The data reached an all-time high of 229.576 USD mn in 1997 and a record low of 24.708 USD mn in 2003. Eritrea ER: Total Reserves: Including Gold data remains active status in CEIC and is reported by World Bank. The data is categorized under Global Database’s Eritrea – Table ER.World Bank.WDI: Foreign Reserves. Total reserves comprise holdings of monetary gold, special drawing rights, reserves of IMF members held by the IMF, and holdings of foreign exchange under the control of monetary authorities. The gold component of these reserves is valued at year-end (December 31) London prices. Data are in current U.S. dollars.; ; International Monetary Fund, International Financial Statistics and data files.; ;

The average monthly prices for gold increased worldwide between January 2014 and May 2025, although with some fluctuations. In January 2014, the average monthly price for gold worldwide stood at ******** nominal U.S. dollars per troy ounce. Significant jumps in the gold prices were observed, especially in the periods of uncertainty, as the investors tend to see gold as a safe investment option. For instance, the Corona pandemic acted as a shock to the economy, resulting in substantial increases in gold prices in 2020. As of May 2025, gold valued at ******** U.S. dollars per ounce, the highest value reported during this period.

As of May 2025, the London (morning fixing) price of an ounce of gold cost an average of ******** U.S. dollars, a slight increase compared to the average monthly morning fixing price of ******** U.S. dollars per ounce in the previous month.

London fixing gold price In January 2020, the average price for an ounce of fine gold was ******** U.S. dollars. It increased to ******** U.S. dollars as of April 2022. Although the monthly price for fine gold fluctuates, the average annual price of fine gold is gradually increasing. In 2001, the price for one ounce of gold was *** U.S. dollars, and by 2012 the price had risen to some ***** U.S. dollars. By 2024, the annual average gold price was nearly ***** dollars per ounce. In that year, global gold demand reached ******* metric tons worldwide. Price determinants of fine gold Fine gold is considered to be almost pure gold, where the value of the metal depends on the percentage of fineness. Twenty-four-carat gold is considered fine gold (from 99.9 percent gold by mass and higher). The London Gold Fix acts as a benchmark for the price of gold. The price of gold is set by the members of the London Gold Market Fixing Ltd undertaken by Barclays and its other members. The price is determined twice per business day at 10:30 am and 3:00 pm based on the London bullion market to settle contracts within the bullion market. The price is based on the equilibrium point between supply and demand agreed upon by participating banks. Gold prices must remain flexible, and gold fixing provides an instantaneous price at specified times.

In 2024, one troy ounce of gold had an annual average price of ******** U.S. dollars. Gold pricing determinants Gold is a metal that is considered malleable, ductile, and is known for its bright lustrous yellow color. This transition metal is highly valued as a precious metal for its use in coins, jewelry, and in investments. Gold was also once used as a standard for monetary policies between different countries. The price of gold is determined by daily fixings where participants agree to buy or sell at a set price or to maintain the price through supply and demand control. For gold, companies like Barclays Capital, Scotia-Mocatta, Sociétè Générale, HSBC, and Deutsche Bank are members in gold fixing at the London Bullion Market Association.

Bullion Banking Market Outlook

According to our latest research, the global bullion banking market size reached USD 1.21 trillion in 2024, with a robust year-on-year growth trajectory. The market is projected to expand at a CAGR of 5.3% from 2025 to 2033, reaching a forecasted value of USD 1.91 trillion by the end of 2033. This growth is primarily driven by the increasing demand for precious metals as safe-haven assets, ongoing geopolitical uncertainties, and the expanding use of bullion in both investment portfolios and industrial applications. As per our latest research, the bullion banking sector continues to evolve, adapting to changing regulatory landscapes, digital transformation, and shifting investor preferences, positioning itself as a pivotal segment within the global financial ecosystem.

One of the primary growth factors for the bullion banking market is the persistent appeal of precious metals, particularly gold and silver, as reliable stores of value during periods of economic volatility. With inflationary pressures mounting across several major economies, institutional and retail investors are increasingly allocating assets towards bullion products to hedge against currency depreciation and market instability. This trend is further accentuated by central banks' strategic accumulation of gold reserves, reinforcing the critical role of bullion banking services such as trading, custody, and financing. The integration of advanced trading platforms and digital asset management solutions has also enhanced accessibility and transparency, attracting a broader spectrum of investors and fostering sustained market expansion.

In addition, the bullion banking market is witnessing significant growth due to the diversification of service offerings. Banks and financial institutions are not only providing traditional trading and custody services but are also expanding into sophisticated hedging and financing solutions tailored to meet the complex needs of institutional clients and high-net-worth individuals. The emergence of innovative financial products, including bullion-backed exchange-traded funds (ETFs) and digital gold platforms, is driving higher transaction volumes and liquidity in the market. Furthermore, the increasing adoption of blockchain technology for secure and transparent transaction processing is enhancing trust and operational efficiency, thereby accelerating market growth.

Another notable driver is the expanding industrial and jewelry applications of precious metals, particularly in emerging economies. The rising middle class in Asia Pacific and Latin America is fueling demand for gold and silver jewelry, while the technological sector’s reliance on platinum and silver for electronics and renewable energy applications is creating new revenue streams for bullion banks. Moreover, regulatory reforms in key markets, such as the liberalization of gold imports in India and China, are fostering a more competitive and dynamic bullion banking environment. These factors collectively underpin the strong growth trajectory of the global bullion banking market.

From a regional perspective, Asia Pacific continues to dominate the bullion banking market, accounting for over 41% of global transactions in 2024, followed by North America and Europe. The region’s growth is driven by robust demand from both institutional and retail investors, as well as proactive government policies supporting precious metal trade. North America, with its mature financial infrastructure and strong presence of major bullion banks, remains a key market for trading and custody services. Meanwhile, Europe is experiencing steady growth, supported by heightened investor interest and regulatory harmonization. Latin America and the Middle East & Africa, though smaller in market share, are emerging as high-growth regions, buoyed by increasing investment flows and strategic partnerships.

Service Type Analysis

The bullion banking market is segmented by service type into trading,

Dataset of historical annual gold prices from 1970 to 2024, including significant events and acts that impacted gold prices.

Prices for DXY Dollar Index including live quotes, historical charts and news. DXY Dollar Index was last updated by Trading Economics this December 2 of 2025.

Gold Prices - Historical chart and current data through 2025.

Silver fell to 57.28 USD/t.oz on December 2, 2025, down 1.22% from the previous day. Over the past month, Silver's price has risen 19.11%, and is up 84.81% compared to the same time last year, according to trading on a contract for difference (CFD) that tracks the benchmark market for this commodity. Silver - values, historical data, forecasts and news - updated on December of 2025.

Dataset of historical annual silver prices from 1970 to 2022, including significant events and acts that impacted silver prices.

In 2024, Mexico was the largest gold-producing country in Latin America, with an estimated output of *** metric tons. It was followed by Peru, with a production of 100 metric tons. The two regional leaders also rank among the top gold producers worldwide. Lucky finders of the golden ticket Gold mining has been an important part of the history of many Latin American countries, sometimes dating back to pre-colonial times. Centuries later, the segment still plays a major role in their economy. For example, gold exports from Peru contributed an average of ** billion U.S. dollars in recent years to the Andean country, with Switzerland, India, and Canada among the main countries of destination. Meanwhile, on the northern side of the region, gold remains the most important metal in the Mexican mining sector, accounting for nearly one third of the sector's production value. In turn, annual gold exports from the North American country stood at around *** billion U.S. dollars through the second half of the past decade. A safe bet Unlike many commodities, gold has endured as a valuable resource. Its chemical stability and resistance, combined with a relatively scarce offer, have led this precious metal to be frequently seen as an appealing investment. Perceived as carrying reduced risk, demand is usually at the highest in times of uncertainty. In fact, amidst the COVID-19 pandemic, the average price of gold reached just under *** thousand U.S. dollars per troy ounce, one of the highest values on record.