A broad shift among central banks toward gold reserves is accelerating, with BRICS nations now holding over 6,000 tonnes, representing 17.4% of global central bank reserves, up from 11.2% in 2019. This accumulation aligns with a bullish gold price outlook from UBS, which projects the metal could reach $5,200 per ounce by mid-2027. Russia and China together dominate the bloc’s holdings, accounting for roughly 74% of the total reserves.
BRICS gold reserves have climbed to over 6,000 tonnes, now making up 17.4% of total global gold reserves held by central banks, a significant increase from 11.2% in 2019. This trend is driven primarily by Russia and China, which together hold approximately 74% of the bloc’s total. Russia holds 2,336 tonnes, the largest single stake, while China is close behind with 2,298 tonnes, and India holds 880 tonnes.
The acceleration in BRICS gold purchases began in 2022 after Western nations froze roughly $300 billion in Russian foreign exchange reserves, a move that pushed central banks toward gold held domestically. Brazil returned to the market in September 2025, adding 16 tonnes for its first purchase since 2021. According to EBC Financial Group, BRICS Plus members bought more than half of all gold purchased by sovereigns globally between 2020 and 2024.
The World Gold Council noted that central bank demand for gold remains on an upward trajectory. A survey found that 73% of central bankers expect the Dollar’s share of official reserves to continue declining over the next five years. The Dollar’s share has fallen from 71% in 1999 to about 57% by the end of 2025, the lowest since 1994.
This shift is mirrored in gold’s price trajectory. UBS has issued a gold price prediction for 2027, forecasting bullion will reach $4,600 by the end of 2026, then $5,000 in March 2027, and $5,200 by June 2027. The bank’s Chief Investment Office stated, “We expect gold to move toward USD 5,200/oz over the next 12 months.”
