The BRICS bloc is actively pursuing de-dollarization and gold acquisition while demonstrating inconsistent political solidarity, according to recent analyses. The group’s ten members collectively hold over 6,000 tons of gold, and a gold-backed settlement instrument was piloted in late 2025. However, its credibility has been questioned following a slow, vague response to an attack on member state Iran and public statements from leaders like India‘s S. Jaishankar affirming the U.S. dollar’s role.
The BRICS bloc’s actions reveal a strategic duality between financial initiatives and political hesitancy. At the 2025 Rio Summit, its joint declaration expressed serious concerns about rising tariffs but carefully avoided naming the United States. This calculated restraint drew a direct tariff threat from U.S. President Donald Trump against countries aligning with anti-American policies.
Simultaneously, the group’s chairman, S. Jaishankar, publicly stated the dollar is a source of global economic stability. This contradiction highlights a preference for reform without incurring significant costs, as noted by analysts. The bloc’s political cohesion was further tested during the Iran crisis in mid-2025.
BRICS needed eleven days to issue a collective response after Iran was attacked, and the statement named no aggressor. Priyal Singh, a senior researcher, stated “This conflict will have significant repercussions on how the group is perceived.” Analysts observe the coalition is not values-based, with members like India pursuing conflicting bilateral interests during the conflict.
Financially, the bloc’s de-dollarization strategy shows measurable progress. BRICS members hold roughly 21% of global central bank gold reserves, with Russia and China as the largest holders. A settlement instrument called the Unit, comprising 40% gold and 60% BRICS currencies, was piloted in late 2025.
Gold prices reached $4,750 in late 2025, staying above fair value estimates. The Amundi Investment Institute projects the upper band of fair value could approach $5,800 by 2027, driven partly by central bank accumulation. Iran’s parliamentary speaker also emphasized a desire to trade using digital currencies, calling it a necessity.
The bloc’s credibility suffers each time political solidarity is traded for bilateral interests, despite tangible advances in gold strategy. This structural double game continues to define BRICS’ inconsistent pursuit of a multipolar financial order.
