The bloc—comprising Brazil, Russia, India, China, and South Africa—has rapidly expanded gold holdings in recent years. While BRICS nations officially account for about 20% of global reserves, their combined holdings with allied countries reach an estimated half of the world’s gold. The bloc also produces around 50% of global gold output, giving it growing influence over future supply.
China led production last year with 380 metric tons, followed by Russia with 340 tons. Brazil, after a hiatus since 2021, bought 16 tons of gold in September. Analysts say the dual strategy of boosting production while purchasing internationally signals both risk management and a long-term recalibration of global financial power.
“Control over gold is a clear signal that BRICS economies are hedging against the dominance of the dollar,” said Sachin Jasuja, co-founder of India’s Centricity WealthTech. “This is a gradual reassessment of dollar supremacy, not an abrupt challenge.”
Intra-BRICS trade is increasingly settled in local currencies, with roughly one-third of transactions now bypassing the dollar, and bilateral agreements such as India–Russia and China–Brazil reflect this shift. Combined, these moves indicate that BRICS and its partners are steadily reshaping the global reserve landscape while cementing gold’s role as a cornerstone of financial security.
NOURNEWS