The 11-member BRICS alliance is implementing a 2026 framework to raise its control of global gold reserves from about 50% to roughly 65–70% by coordinating central bank purchases and building gold-backed trade and settlement systems across Latin America, Eurasia, Africa and the Persian Gulf. The move aims to reduce reliance on dollar-denominated assets and strengthen intra-bloc trade settlement.
Since 2020, BRICS countries have increased gold’s share of their total reserves by about 102%, and central banks in the bloc accounted for more than half of global gold purchases between 2020 and 2024. Those buying patterns have coincided with higher metal valuations and a strategic shift in reserve management.
China produced roughly 380 tonnes of gold in 2024 and Russia about 340 tonnes, reflecting strong production capacity within the group. Combined production from BRICS and allied states such as Kazakhstan, Iran and Uzbekistan now accounts for about 50% of global output.
Collective holdings across the bloc and aligned states exceed 6,000 tonnes, led by Russia at 2,336 tonnes, China at 2,298 tonnes and India at 880 tonnes. The expanded group, which includes Egypt, Ethiopia, Iran, the UAE, Saudi Arabia and Indonesia, represents about 46% of the world’s population and roughly 37% of global GDP.
In September 2025, Brazil bought 16 tonnes of gold — its first purchase since 2021 — raising its reserves to 145.1 tonnes and signaling renewed participation in the bloc’s accumulation drive. Development of a gold-backed currency unit and related settlement infrastructure is advancing alongside ongoing central bank buying strategies.
Anuj Gupta, director at Ya Wealth, noted that central bank purchases have been a dominant factor in recent market dynamics. Frank Giustra also addressed the topic while speaking at the Precious Metals Summit in Beaver Creek, Colorado.
