- BRICS Gold reserves have surged to over 6,000 tonnes, accounting for 17.4% of global central bank reserves, up from 11.2% in 2019
- Russia and China lead the bloc, holding a combined 74% of total BRICS gold reserves at 2,336 tonnes and 2,298 tonnes respectively
- UBS projects gold will reach $5,200 per ounce by June 2027, with the metal already trading above $4,600 and up nearly 14% this month
The BRICS bloc’s gold reserves have climbed to more than 6,000 tonnes, now representing 17.4% of total global central bank gold holdings, up sharply from 11.2% in 2019, according to EBC Financial Group. Russia and China dominate the accumulation, holding roughly 74% of the bloc’s total at 2,336 tonnes and 2,298 tonnes respectively, while India holds 880 tonnes.
This surge in BRICS gold reserves aligns with a broader shift away from the dollar in official portfolios, and it coincides with an increasingly bullish gold price outlook from major banks. UBS now forecasts gold reaching $4,600 by the end of 2026, then $5,000 in March 2027 and $5,200 by June 2027, with the metal already up nearly 14% this month and trading above $4,600.
Consequently, BRICS Plus members purchased more than half of all gold bought by sovereigns worldwide between 2020 and 2024, and in the first nine months of 2025 alone, the group added another 663 tonnes worth close to $91 billion. Brazil re-entered the market in September 2025 with a 16-tonne purchase, its first since 2021.
This accumulation trend traces back to 2022, when Western nations froze roughly $300 billion in Russian foreign exchange reserves, pushing central banks toward gold stored safely at home and outside the SWIFT payments system. Meanwhile, the dollar’s share of official reserves fell from 71% in 1999 to about 57% by the end of 2025, the lowest since 1994, while gold’s share of official reserve assets has more than doubled since 2015 to over 23%.
A World Gold Council survey found that 73% of central bankers expect the dollar’s share to keep declining over the next five years. As Shaokai Fan, Global Head of Central Banks at the World Gold Council, noted, “Central bank demand for gold remains on an upward trajectory.”
UBS Chief Investment Office stated, “We expect gold to move toward USD 5,200/oz over the next 12 months.” Broader currency dynamics are also reinforcing the trend, with Goldman Sachs FX strategy team noting, “The announcement drove the Dollar weaker virtually across the board.”
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