A 2026 Kremlin memo outlines a possible return by Russia to dollar-denominated trade with the United States in fossil fuels, critical minerals and natural gas, raising concern for the BRICS gold strategy. The reported plan, seen by multiple outlets, would strengthen the dollar and could undercut months of central bank gold accumulation (see the potential Russia dollar trade arrangement).
Gold markets reacted quickly and sharply. COMEX gold peaked at $5,626.80 per ounce and later fell to $5,046.30, while some forecasts earlier reached $7,000 per ounce.
Anuj Gupta wrote that “Ever since Donald Trump entered the White House last year, central banks across the world started buying gold to counter Trump’s tariffs.”
BRICS reserves now exceed 6,000 tonnes, with Russia and China each holding over 2,000 tonnes and India above 800 tonnes, according to SS WealthStreet founder Sugandha Sachdeva. China also launched an interest-bearing digital yuan on January 1, 2026.
(Ed. note: Markets cited the Russia-dollar reports as a key factor behind the recent gold decline.)
Observers say a formal U.S.-Russia trade deal would likely boost the dollar and lower near-term gold price forecasts.
