- BRICS has been the largest buyer of Gold in three years and is shifting reserves away from dollar-denominated assets.
- Gold hit a record high of $4,837 and the XAU/USD index is up more than 76% over the past year.
- Reported purchases since 2022 exceed 1,000 tonnes, and the bloc holds over 6,000 tonnes in reserves.
- Gold holdings among foreign central banks reached $4 trillion in January 2026, surpassing holdings of US Treasuries at $3.9 trillion, a gap noted as significant.
- Demand from retail investors, institutional funds and central banks has supported higher gold prices alongside policy and trade tensions.
BRICS countries led global central bank gold buying as they diversified away from dollar-denominated assets like bonds and US Treasuries. This shift accelerated since 2022, when member states increased gold purchases to bolster reserves amid wider market and policy shifts.
Gold reached a lifetime high of $4,837 on Thursday, and the XAU/USD index has risen sharply, gaining more than 76% over the past year. The rally has made gold one of the top-performing commodity assets in the period.
A report reported that BRICS member countries purchased more than 1,000 tonnes of gold since 2022 and that the bloc now holds more than 6,000 tonnes in central bank reserves. Those holdings have benefited as prices nearly doubled in value since 2022.
For the first time since 1996, foreign central banks’ gold holdings surpassed holdings of US Treasuries, with gold at $4 trillion and Treasuries reported at $3.9 trillion in January 2026. The report described the difference as a significant gap.
Despite the shift toward gold, purchases of US Treasuries continue for investment purposes, and bonds remain in demand. The price surge in gold has been supported by central bank buying, institutional and retail investors, and broader policy and trade tensions cited in market coverage.
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