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De-dollarisation, war, and debt: Why gold is regaining monetary relevance

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De-dollarisation, war, and debt: Why gold is regaining monetary relevance
Financial markets often move in patterns, and over time, investors rely on simple rules, one of the most common being that gold rises when the dollar weakens. But the current cycle is different.

The shift became clear in 2022, when around $300 billion of Russia’s central bank reserves were frozen after the Ukraine invasion. It sent a strong global message: holding dollars is no longer just a financial decision, but also a geopolitical one.

This is where gold comes back into focus, not just as a trade, but as a signal. At its core, gold rises when confidence in global systems weakens. What makes this phase unique is the nature of demand. It is not driven by panic, but by steady and deliberate accumulation, largely from central banks, making it more structural and long term in nature.

A World Moving Away from One Centre

The global economic system is gradually shifting from a single-centre structure to something more distributed.You can see it in small but meaningful ways:

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  1. Countries settling trade in local currencies
  2. Groups like BRICS are actively working towards reducing reliance on the dollar
  3. Conversations around oil trade in yuan are gaining traction
  4. The idea of de-dollarisation becoming part of mainstream policy discussions

War, Power, and Economic Leverage

Geopolitics is adding another layer to this shift. Despite repeated claims from Donald Trump that the United States has “won” the conflict with Iran, the reality appears more complex. In today’s environment, the advantage is not just about military strength, it is about economic leverage.
This is evident in the Strait of Hormuz, a key route for global oil flows. With prices rising and markets on edge, Iran’s influence over this passage gives it a significant strategic edge.
At the same time, the US response has seemed inconsistent, with signals of possible negotiations followed by clear denials. This lack of clarity has unsettled global markets, and as confidence weakens, it has also started to raise broader questions about the credibility of the US, and, in turn, the dollar itself.

Pressure Points on the United States

The US is also navigating several internal and external constraints that shape how global markets perceive its position.

  1. Globally, support from traditional allies like NATO has been less unified this time than in past conflicts.
  2. Then there are macroeconomic realities. US debt is approaching $40 trillion, bond yields remain elevated, and policy shifts, from tariffs to tensions with the Federal Reserve, have added to uncertainty.

None of these factors create an immediate crisis. But together, they shape perception. And in financial markets, perception often matters as much as reality.

The Gold Revaluation Debate

Interestingly, even before the recent geopolitical escalation, there were discussions around the possibility of the US revaluing its gold reserves.

Currently, US gold holdings are still valued at an outdated price of $42.22 per ounce. If revalued to current market levels (above $5,000), the total value could jump from around $11 billion to nearly $1.3 trillion.

Such a move would significantly strengthen the US balance sheet and could help manage fiscal pressures. But it would also send a powerful signal, bringing gold back into the centre of the monetary system.

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And if that happens, the ripple effects could be global. Central banks may accelerate gold purchases, and confidence in paper currencies could weaken further.

In fact, central bank buying is already strong and is expected to average around 60 tonnes per month in 2026. If this trend continues, gold’s role in the global financial system could become even more prominent.

Commodity Cycles: Learning from the Past

Commodities periodically move through long-term cycles of rising and falling prices, driven by changes in economic growth, demand and liquidity.

The last major gold cycle, from 2000 to 2011, began after the dot-com crash, gained momentum during the financial crisis, and ultimately delivered nearly 600% returns.

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The current cycle started around 2018, when gold was near $1,200. Since then, multiple forces have driven its rise, pandemic-era liquidity, high inflation and rising geopolitical tensions.

Unlike previous cycles, this one is not driven by a single theme. It is the result of overlapping structural shifts. Even the recent pullback in gold, driven by rising oil prices, tighter monetary expectations and higher interest rates, appears more like a pause than a reversal.

What Could Challenge the Bull Case?

There is, however, an interesting divergence playing out beneath the surface.

The ongoing US-Iran tensions have created pressure on several fragile economies. To manage rising energy costs and defend their currencies, some countries are being forced to sell gold and convert it into dollars. Turkey, for example, has sold nearly $8 billion worth of gold in recent months.

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But this is only one side of the story.

Stronger economies, with more stable external positions, are doing the opposite. Institutions like the People’s Bank of China continue to accumulate gold as part of long-term reserve diversification. India as well has shown no indication of selling or policy shift.

This creates a clear divide: weaker economies sell gold to meet short-term dollar needs, while stronger ones buy gold to prepare for a different future.

Technical Outlook on Gold

Technically, gold has shown resilience, finding support in the 4,200-4,300 range and forming a strong rejection candle, indicating buying interest at lower levels and a possible reversal. As long as this support holds, gold can move towards 5,000, with further upside towards the 5,300-5,400 resistance zone. In rupee terms, this translates to potential targets of Rs 1,66,000, with extended upside towards Rs 1,82,000.

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As the global system gradually shifts towards a more multipolar structure, gold is increasingly being viewed as a strategic asset rather than just a hedge. While short-term volatility may persist, the broader trend remains upward, supported by ongoing structural changes.

(The author Amit Pabari is MD, CR Forex Advisors)

(Disclaimer: Recommendations, suggestions, views and opinions given by experts are their own. These do not represent the views of The Economic Times.)

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More Than 600 Service Stations Run Out of Fuel as Aussies Are Urged Again Not to Panic Buy

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Petrol fill
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Australians are being urged yet again to stop panic buying as more than 600 service stations run out of fuel.

This is despite the government’s assurance that billions of litres of fuel are on their way to Australia.

Aussies Told to Stop Panic Buying

According to a report by Sky News, Energy Minister Chris Bowen revealed that 410 service stations across Australia have run out of diesel. 193 service stations, on the other hand, have run out of petrol.

New South Wales reported the most shortages as of Friday. 182 service stations are without diesel, while 48 are without petrol.

Victoria follows behind NSW with 76 service stations out of diesel and 37 out of petrol. Queensland reported the third highest shortage with 75 service stations out of diesel and 24 service stations running out of petrol.

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Here are the numbers for other states and territories:

  • Western Australia – 37 stations without diesel and 58 without petrol
  • South Australia – 28 stations without diesel and 15 without petrol
  • Tasmania – seven stations without diesel and seven without petrol
  • Northern Territory – five stations without diesel and four without petrol

Despite this, Bowen has assured the public that there is no need to panic buy.

“I encourage people to be sensible, not to take more fuel than you need, to fill up when you need to, but not before that, and to get as much fuel as you normally would,” said Bowen.

Billions of Litres of Fuel on the Way to Australia

There has been good news amidst the fuel crisis as the Australian government assured that billions of litres of fuel are now on the way to the country.

According to ABC News, Bowen revealed that 53 ships carrying fuel are currently on their way.

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However, some industry stakeholders have expressed uncertainty regarding whether the fuel will even make it to Australia or not.

It can be recalled that six oil tankers meant to deliver fuel to Australia either deferred or cancelled at the end of March.

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Aluminium futures dropin China amid stronger dollar and recession fears

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Aluminium futures dropin China amid stronger dollar and recession fears

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These 10 stocks are poised for earnings surprises in April: Morgan Stanley

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These 10 stocks are poised for earnings surprises in April: Morgan Stanley

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Commodities: Oil Jumps Amid Trump's Escalation Warning

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Commodities: Oil Jumps Amid Trump's Escalation Warning

Commodities: Oil Jumps Amid Trump's Escalation Warning

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Arzum shareholders explore sale of majority stake; shares surge

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Arzum shareholders explore sale of majority stake; shares surge

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Selloff in this sector is seen as a buying opportunity

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Selloff in this sector is seen as a buying opportunity

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Zelenskiy says frontline situation best for Ukraine in the last 10 months

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Zelenskiy says frontline situation best for Ukraine in the last 10 months


Zelenskiy says frontline situation best for Ukraine in the last 10 months

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From Tokyo Neon To Okinawa Beaches

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Tokyo's Nikkei plunged more than four percent at one point as it led more losses across Asian markets

Japan continues to captivate Australian travellers, with more than 1 million Aussies visiting the country in 2025 — a record 15 per cent increase from the previous year. As 2026 unfolds, the destination remains a top choice for those seeking a perfect blend of ancient traditions, futuristic cities, stunning nature and world-class food, all easily accessible visa-free for up to 90 days.

Australian passport holders enjoy straightforward entry with no visa required for short-term tourism or business stays. Travellers simply need a valid passport covering the duration of their visit, proof of onward travel and sufficient funds. Direct flights from major Australian cities such as Sydney, Melbourne and Brisbane make the journey convenient, with flight times around 9-10 hours to Tokyo.

Here are 10 must-visit places in Japan for Aussies planning a trip in 2026, offering a mix of iconic highlights and experiences tailored to Australian tastes for beaches, food, culture and efficient travel via the Japan Rail Pass.

Tokyo's Nikkei plunged more than four percent at one point as it led more losses across Asian markets
AFP

1. Tokyo Japan’s bustling capital tops nearly every list for good reason. From the neon lights of Shibuya Crossing and Shinjuku to the serene grounds of the Imperial Palace and historic Senso-ji Temple in Asakusa, Tokyo delivers endless contrasts. Aussies love the efficient public transport, including the famous bullet trains, and the vast array of dining options from Michelin-starred restaurants to casual izakayas and conveyor-belt sushi. New attractions in 2026, such as expanded anime and esports zones, add fresh appeal for younger travellers. Allow at least four to five days to explore neighbourhoods like Harajuku, Akihabara and teamLab Planets.

2. Kyoto The former imperial capital remains the heart of traditional Japan, with more than 1,500 Buddhist temples and 400 Shinto shrines. Fushimi Inari-taisha’s thousands of red torii gates, the golden Kinkaku-ji (Golden Pavilion) and Arashiyama’s bamboo grove are unmissable. In spring 2026, cherry blossoms are forecast to peak around late March to early April, creating magical scenes in Maruyama Park and along the Philosopher’s Path. Aussies appreciate the walkable historic districts, geisha culture experiences and kaiseki dining. Pair it with a day trip to nearby Nara for its famous deer park.

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3. Mount Fuji and Hakone No trip to Japan is complete without viewing the iconic, snow-capped Mount Fuji. The Fuji Five Lakes area offers hiking, boating and views from spots like Lake Kawaguchiko. In Hakone, Aussies can relax in onsen hot springs, ride the ropeway over volcanic valleys and even catch a glimpse of Fuji on clear days. The area is easily reached from Tokyo via the JR Pass, making it ideal for a two- or three-day side trip. Summer 2026 brings pleasant weather for outdoor activities, while autumn foliage provides another spectacular season.

4. Osaka Known as Japan’s kitchen, Osaka delivers vibrant street food, friendly locals and energetic nightlife. Must-dos include Dotonbori’s neon signs and canal views, okonomiyaki and takoyaki stalls, and Universal Studios Japan with its popular Super Nintendo World. Aussies often combine Osaka with a day trip to nearby Kobe for beef or Himeji Castle, one of Japan’s most impressive feudal fortresses. The city serves as a convenient transport hub for western Japan explorations.

5. Hiroshima and Miyajima Hiroshima offers a powerful lesson in peace and resilience at the Peace Memorial Park and Museum. A short ferry ride away, the “floating” torii gate of Itsukushima Shrine on Miyajima Island ranks among Japan’s most photographed sights, especially at high tide. Deer roam freely on the island, adding a gentle charm. Many Australian visitors appreciate the region’s moving history balanced with natural beauty and fresh seafood, including oysters. The Shinkansen makes it a straightforward day or overnight trip from Osaka or Kyoto.

6. Okinawa For a tropical escape that feels worlds away from mainland Japan, head to Okinawa’s subtropical islands. White-sand beaches, turquoise waters and coral reefs make it ideal for snorkelling, diving or simply relaxing — a welcome contrast for Aussies accustomed to beach culture at home. Naha’s Kokusai Street buzzes with local Ryukyu culture, markets and unique cuisine featuring goya champuru. The Kerama Islands offer even quieter paradises. Direct flights from some Australian cities or connections via Tokyo or Osaka make it accessible, with warmer weather extending well into autumn.

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7. Sapporo and Hokkaido Hokkaido’s capital Sapporo shines for its snow festivals, fresh seafood and beer. In summer 2026, the region’s vast lavender fields, national parks and outdoor adventures appeal to nature-loving Aussies. Winter visitors can enjoy world-class skiing and the famous Yuki Matsuri ice sculptures. Hokkaido’s dairy, ramen and seafood differ noticeably from mainland fare, providing delicious variety. The island’s open spaces and cooler climate offer a refreshing change of pace.

8. Kanazawa and the Japanese Alps Often called “Little Kyoto,” Kanazawa boasts well-preserved samurai and geisha districts, Kenrokuen Garden and fresh seafood from the Sea of Japan. Nearby Takayama and Shirakawa-go’s thatched-roof villages transport visitors back in time. For those seeking mountain scenery, the Japanese Alps, including Kamikochi, deliver hiking trails and dramatic landscapes. These areas see fewer crowds than the Golden Route, suiting Aussies who prefer authentic, slower-paced experiences.

9. Nara Just a short train ride from Kyoto or Osaka, Nara earns fame for its ancient temples and the free-roaming sacred deer in Nara Park. Todai-ji Temple houses the massive Great Buddha, while the surrounding park and museums provide a peaceful half- or full-day escape. It pairs perfectly with a Kyoto itinerary and offers a gentle introduction to Japan’s deep Buddhist heritage.

10. Hakone or Izu Peninsula (for onsen and nature) Beyond the Fuji area, the Izu Peninsula and Hakone region provide excellent onsen experiences, coastal views and hiking. Aussies often enjoy the mix of relaxation and scenery, with easy access from Tokyo. New or renovated ryokan (traditional inns) in 2026 continue to elevate the luxury onsen stay, complete with kaiseki meals and private baths.

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Practical tips for Australian travellers in 2026 Purchase a Japan Rail Pass before departure for unlimited Shinkansen and JR train travel — it remains excellent value despite recent price adjustments. Download apps such as Google Translate, Hyperdia or the official JR app, and consider an eSIM or pocket Wi-Fi for connectivity. Cash is still widely used alongside cards and mobile payments like Suica or Pasmo.

Book accommodation and popular experiences, including teamLab, Ghibli-related sites or Universal Studios, well in advance, especially during cherry blossom season. English signage has improved significantly, and many restaurants offer English menus or picture boards. Respect local customs: remove shoes indoors, queue patiently and speak quietly on public transport.

Travel insurance is strongly recommended to cover potential health, cancellation or adventure activity needs. Japan’s safety levels remain high, though standard precautions apply in busy tourist areas.

With record numbers of Australians discovering Japan, 2026 promises even more seamless travel as infrastructure and services continue adapting to international visitors. Whether chasing cherry blossoms in spring, summer festivals, autumn colours or winter snow, the country offers layered experiences that reward both first-timers and repeat visitors.

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From the high-energy streets of Tokyo to the serene temples of Kyoto and the beaches of Okinawa, these 10 destinations provide an ideal framework for an unforgettable Japanese adventure. Start planning early, embrace the efficient rail network and prepare for a destination that effortlessly balances the old and the new.

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World food prices rose in March as Iran war lifted energy costs, FAO says

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World food prices rose in March as Iran war lifted energy costs, FAO says


World food prices rose in March as Iran war lifted energy costs, FAO says

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(VIDEO) Tiger Woods Body Camera Footage Released After Florida Rollover Crash And DUI Arrest

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Tiger Woods may have inadvertently hit the car's accelerator while attempting to press the brakes upon losing control, police believe

Florida authorities on Thursday released hours of police body camera footage showing golf legend Tiger Woods moments after his single-vehicle rollover crash last week, including field sobriety tests, his arrest on a driving under the influence charge and comments in which he told a deputy he had just been talking to the president.

Tiger Woods may have inadvertently hit the car's accelerator while attempting to press the brakes upon losing control, police believe
AFP / Mladen ANTONOV

The Martin County Sheriff’s Office made the video public nearly a week after the March 27 incident in which Woods’ Land Rover clipped a trailer and overturned on a residential street in the affluent Jupiter Island area. The 15-time major champion was charged with DUI but has pleaded not guilty and said he is stepping away from the spotlight to seek treatment and focus on his health.

In the footage, Woods appears disoriented as first responders and deputies arrive at the scene of the overturned SUV. He is seen sitting on the ground or in a patrol vehicle, sweating and at times nodding off or hiccuping. Deputies report finding two pills in his pocket later identified as hydrocodone, a prescription opioid, according to the arrest affidavit. Woods told officers he was prescribed medication for pain management related to past injuries.

At one point, Woods pulls out his phone and tells a deputy, “I was just talking to the president,” before the interaction continues. He also described the crash, saying he was looking down at his phone to change the radio station when the vehicle suddenly veered and rolled. The footage shows him cooperating with field sobriety tests, though deputies noted signs of impairment including unsteady balance and slowed responses.

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Woods, 50, is heard asking, “I’m being arrested?” as handcuffs are placed on him. He is then transported in the back of a patrol car, where additional video captures him appearing to doze off intermittently. No injuries requiring hospitalization were reported from the crash itself, though Woods has a long history of back and leg issues stemming from a 2021 car accident in California that nearly cost him his right leg.

The Martin County Sheriff’s Office described the release as fulfilling public records requests while protecting sensitive investigative details. The extended bodycam video runs for hours and includes interactions with first responders, the administration of sobriety tests and the booking process. Officials emphasized that the investigation remains active, with toxicology results still pending.

Woods issued a statement on social media shortly after the arrest, saying he takes full responsibility for his actions and is committed to addressing underlying issues. “I’m stepping away for a period of time to seek treatment and focus on my health,” he wrote. The golfer, who has spoken openly in the past about his battles with pain and prescription medication following multiple surgeries, did not provide a specific timeline for his return to competitive golf.

The incident has drawn widespread attention across the sports world. Fellow golfers, including Rory McIlroy and Scottie Scheffler, expressed support for Woods while urging privacy during what they described as a difficult personal moment. PGA Tour commissioner Jay Monahan said the organization is monitoring the situation and stands ready to offer assistance.

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This is not Woods’ first brush with legal issues involving driving. In 2017, he was arrested on a DUI charge in Florida after being found asleep at the wheel with multiple medications in his system. He later attributed that incident to a reaction from pain medication following back surgery and pleaded guilty to reckless driving.

Woods’ storied career has been marked by remarkable comebacks, including his dramatic 2019 Masters victory after years of injury struggles. His most recent competitive appearance was at the 2025 Masters, where he made the cut but withdrew before the final round due to discomfort. He has been limited in his playing schedule in recent years, focusing instead on his golf course design business, the TGR brand and mentoring younger players through his foundation.

Legal experts following the case say the bodycam footage could play a significant role if the matter proceeds to trial. Woods’ legal team has not commented publicly on the video beyond the initial not-guilty plea. A court date has not yet been set, though sources familiar with the proceedings expect pretrial motions in the coming weeks.

The Jupiter Island crash occurred in a quiet, upscale neighborhood known for its celebrity residents and strict traffic enforcement. Deputies responding to the scene found the Land Rover on its side after it struck a trailer attached to a truck that was turning into a driveway. No other vehicles or individuals were injured.

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Public reaction to the released footage has been mixed. Some fans expressed concern for Woods’ well-being and hoped the incident would prompt him to prioritize recovery. Others noted the apparent impairment shown in the video and called for accountability. Social media platforms saw a surge in commentary, with hashtags related to the golfer trending within hours of the footage’s release.

Medical professionals not involved in the case have speculated that the combination of pain medication and possible fatigue could have contributed to the crash. Woods has previously detailed his reliance on various treatments to manage chronic pain from spinal fusion surgery and multiple knee and leg procedures.

As one of the most recognizable athletes in the world, Woods’ every move has drawn scrutiny since he burst onto the professional scene in the late 1990s. His influence on golf remains immense, with record television ratings whenever he competes and a global fan base that spans generations.

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The release of the body camera footage comes as Woods’ representatives continue to manage his public image and business interests. His Nike endorsement deal and other partnerships have endured through previous controversies, though some sponsors have historically distanced themselves during periods of personal turmoil.

Looking ahead, questions remain about Woods’ future in competitive golf. At 50, he has hinted at reduced playing time while expressing a desire to compete in major championships when healthy. Any extended absence for treatment could further limit his schedule in 2026.

The Martin County Sheriff’s Office has declined to release additional details beyond the footage and arrest affidavit, citing the ongoing nature of the case. Toxicology results, expected in the coming weeks, could provide more clarity on substances involved at the time of the crash.

For now, the golf world and fans worldwide are left with the raw images from the body camera video — a stark contrast to the composed, dominant figure Woods has presented on the course for decades. Supporters continue to send messages of encouragement, hoping the latest setback becomes another chapter in a career defined by resilience.

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Woods’ attorney has requested privacy for the golfer and his family as he focuses on treatment. No further public statements from the Woods camp were issued immediately following the footage release.

The incident serves as a reminder of the challenges even the most accomplished athletes face off the field. As the legal process unfolds and Woods seeks recovery, the body camera video provides an unfiltered glimpse into a difficult moment for one of golf’s greatest icons.

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