Deutsche Bank has reported that central banks' preference for gold as a proportion of their reserves is increasing, with the precious metal's share of central bank reserves doubling to 30% in the 1990s. This shift is seen as a significant shift from gold to the U.S. dollar as policymakers seek protection against geopolitical turmoil. The percentage share of US dollars in foreign central bank reserve has dropped to 40% from over 60%. However, Deutsche Bank's Mallika Sachdeva acknowledged that about 80% of the rise in gold's share is due to price appreciation rather than new purchases. The price of gold might reach $8,000 an ounce over the next five years, which is roughly 70% above where it currently trades.