BRICS nations buy $91B in gold as de-dollarization gains momentum Central banks from BRICS countries cumulatively purchased 663 metric tonnes of gold worth approximately $91 billion in the first nine months of 2025, according to the World Gold Council . The buying spree, which continued even as gold prices reached historic highs, signals an intensifying shift away from dollar-denominated reserves among emerging economies. The BRICS bloc, comprising Brazil , Russia , India , China , South Africa , and recently added members including Egypt , Ethiopia , Iran , and the UAE , now collectively holds 6,026 tonnes of gold as of the third quarter of 2025, according to Times Now . Russia leads BRICS holdings with 2,336 tonnes, followed closely by China at 2,298 tonnes, India with 880 tonnes, and Brazil at 145.1 tonnes. However, the alliance still trails the United States, which maintains 8,133 tonnes in its reserves. Gold reached an all-time high of $4,381 per ounce on October 17, 2025, before settling to trade around $4,200-$4,300 in early December. The precious metal has surged approximately 60% year-to-date, marking one of its strongest annual performances since 1979. Diverging Reserve Strategies BRICS nations have increased gold's share of their total reserves by 102% between the third quarter of 2020 and the third quarter of 2025, rising from 6.4% to 12.9% of aggregate reserves, according to data cited by Times Now. The surge stems from aggressive central bank buying amid rising geopolitical uncertainty. In contrast, Western economies managed only a 12% increase in gold's share over the same period, rising from 62.7% to 70.2%, an uptick attributed largely to price appreciation rather than significant new purchases. The U.S., Germany, Italy, and France recorded marginal or no increases in their physical holdings. "Gold is seen as a pure USA hedge," said Nicky Shiels, head of metals strategy at MKS Pamp, noting the "anti-Dollar" appeal of gold in 2025. The World Gold Council's 2025 central bank survey revealed that 73% of global central bankers believe the U.S. dollar's share in global reserves will decrease over the next five years. Geopolitical Pressures The accelerated gold accumulation gained momentum after Western sanctions on Russia following its 2022 invasion of Ukraine. The sanctions prompted developing nations to seek alternatives to dollar dependence, fueling de-dollarization discussions within BRICS . President Donald Trump has repeatedly threatened BRICS members with tariffs ranging from 10% to 100% if they pursue alternatives to the dollar. "Any Country aligning themselves with the Anti-American policies of BRICS , will be charged an ADDITIONAL 10% Tariff," Trump wrote in July 2025. Despite the threats, the U.S. dollar's share of global foreign exchange reserves fell to 56.32% in the second quarter of 2025, its lowest level in at least 30 years and down from over 70% in the early 2000s. Meanwhile, central banks purchased a net 53 tonnes in October 2025 alone, bringing year-to-date reported buying through October to 254 tonnes. Goldman Sachs has raised its December 2026 gold price forecast to $4,900 per ounce, while JPMorgan projects prices could top $5,000-$5,200 by 2026. The bullish forecasts reflect expectations of sustained central bank demand and Federal Reserve interest rate cuts, which reduce the opportunity cost of holding non-yielding assets like gold.
