This gold accumulation trend reflects cautious adjustments in reserve management and raises questions about the long-term role of the USD.
BRICS is promoting a strategy to reduce dependence on the USD by increasing gold production and accumulation. Although the official gold ratio of BRICS is currently around 20%, if including countries with close economic and strategic relations, this group is controlling nearly 50% of global gold production.
Russia and China lead this trend. In 2024, China mining about 380 tons of gold, while Russia reached 340 tons. Brazil also returned to buying gold by adding 16 tons to reserves in September 2025, marking the first purchase after 4 years of interruption.
According to experts, BRICS' strategy is "double": Both increasing domestic production and limiting sales, while continuing to buy gold in the international market.
In the period 2020-2024, the central banks of BRICS countries accounted for more than half of the gold purchased by central banks globally.
The deep driving force of this trend is linked to geopolitical fluctuations in recent years. After a large part of Russia's foreign exchange reserves were frozen in the Ukraine conflict, many emerging economies began to re-evaluate the risks of holding assets in USD or placing them in Western financial centers. Gold, with its neutral nature and ability to hold assets, is considered a safer value-preserving tool.
In parallel with gold accumulation, BRICS has also gradually reduced the role of the USD in trade. Currently, about 1/3 of intra-bloc transactions have been paid in domestic currency, instead of through the USD.
Bilateral agreements such as China - Brazil or India - Russia reflect efforts to reduce costs, limit sanctions risks and reduce dependence on USD liquidity.
The increasing role of gold has contributed to promoting the persistent upward momentum of gold prices in recent times. Analysts believe that strong demand from central banks, especially in emerging economies, is consolidating gold's position as an important reserve asset in the context of a more fragmented global financial system.
However, experts all believe that this trend does not mean that the USD is about to lose its central role. The greenback is still the main reserve currency and the most popular international payment instrument.
BRICS' gold accumulation is mainly for diversification and risk management, rather than a direct effort to replace the USD.
Overall, the increase in BRICS gold reserves reflects a shift in structure towards being more cautious and multipolar. In the changing financial order, gold is gradually regaining its role as a fulcrum for confidence, but the USD still holds a key position in the short and medium term.
