Commodities
BRICS+ Gold Reserves Surpass 6000 Tons Amid Rising Demand
The BRICS+ bloc of nations holds over 6000 tons of gold, making up 17.4% of official global reserves, according to an analysis by EBC Financial Group.
China and Russia dominate the alliance's gold reserves, with nearly three-quarters of the total held by these two countries.
The increase in BRICS+ stocks fits into a broader trend of central banks acquiring more gold, with an average annual purchase of 1000 tons over the last four years compared to nearly 500 tons during the previous decade.
UBS forecasts that the price of gold will reach $5200 per ounce by June 2027, driven by factors such as a potential U.S. monetary easing and a weakening dollar.