US tariffs accelerate transition to gold-backed alternatives — Atlantic Council report

The Atlantic Council warns that aggressive US tariff policies are driving global economies to buy ever more gold. A growing number of governments, with emerging markets at the forefront, are turning to gold to mitigate exposure to US restrictions by treating the precious metal as a de facto global currency, according to Kimberly Donovan and Maia Nikoladze of the think tank.

The authors note that some governments, wary of provoking Washington, are exploring gold-tied cryptocurrencies and other technologies to minimize dollar reliance and insulate their economies from geopolitical financial risks.

Meanwhile, central banks continue to boost gold demand. Since 2022, they have added over 1,000 tons to their reserves. Although the pace of purchases slowed in 2025, they still acquired 243.7 tonnes in Q1, 24% above the five-year average, according to Kitco News.