BRICS Supercharges Gold Reserves in $91B Shift Away From the Dollar

In just the first nine months of the year, the bloc accumulated 663 metric tonnes of gold - roughly $91 billion worth - even as prices surged to record highs, according to the World Gold Council.

The buying spree has fueled speculation that the coalition is preparing to anchor its planned joint currency to gold, using the metal as a stabilizer against inflation and geopolitical shocks.

Gold Reserves Overtake Dollar Weighting

The heavy accumulation marks a sharp turn in how BRICS countries manage their reserves. Gold has steadily replaced part of their U.S. dollar holdings, contributing to a global rally that pushed the metal to $4,339 on Friday. With the latest purchases, the bloc now controls 6,026 tonnes of gold – still short of the United States’ 8,133 tonnes, but far ahead of most other economies.

Within BRICS, Russia remains the dominant holder at 2,336 tonnes, narrowly ahead of China’s 2,298 tonnes. India holds 880 tonnes, while Brazil’s recent acquisitions have lifted its total to 145.1 tonnes.

A Multi-Year Buying Trend Born From Sanctions

This surge is not new but rather the continuation of a trend that began in 2022, when Western sanctions on Russia reshaped global political alliances. As the geopolitical landscape shifted, BRICS nations intensified efforts to diversify reserves, reduce reliance on the U.S. dollar, and strengthen their position in global finance – a strategy that has since become synonymous with the bloc’s de-dollarization push.

With gold holdings rising and the proposed BRICS currency gaining momentum, the bloc appears determined to build a financial system less vulnerable to Western leverage – even though the U.S. still maintains the largest gold stockpile in the world.