BRICS Plus countries increase gold reserves to more than 6000 t

BRICS Plus countries increase gold reserves to more than 6000 t as global monetary shifts accelerate, reshaping the balance of power in global foreign exchange reserves, strengthening the de-dollarisation trend, and reinforcing long-term demand in the gold market.

Members of the BRICS Plus trade bloc now hold more than 6 000 t of gold, according to financial services group EBC Financial Group, highlighting a significant structural shift in global reserve allocation and rising central bank gold buying activity across emerging economies.

BRICS Plus gold reserves signal structural monetary shift

The latest data shows that BRICS Plus gold reserves now account for approximately 17.4% of total global central bank holdings, up sharply from 11.2% in 2019. This rapid increase reflects a coordinated accumulation strategy among member states as they diversify away from traditional reserve currencies.

Russia leads the bloc with 2 336 t, followed closely by China with 2 298 t, and India with 880 t. Together, Russia and China control nearly 74% of total BRICS Plus holdings, underscoring their dominance in shaping the bloc’s reserve strategy.

Between 2020 and 2024 alone, BRICS Plus central banks accounted for more than half of all sovereign gold purchases globally, reinforcing their role as the primary driver of modern central bank gold buying trends.

Central bank gold buying accelerates post-2022

The acceleration in central bank gold buying has been strongly linked to geopolitical risk events, particularly the 2022 freezing of approximately $300-billion in Russian foreign exchange reserves by Western economies.

This event reshaped global reserve management strategies. Since then, annual central bank gold purchases have surged from around 500 t pre-2022 to over 1 000 t annually for three consecutive years.

In the first nine months of 2025 alone, BRICS Plus nations added 663 t of gold worth approximately $91-billion. Brazil also re-entered the market, purchasing 16 t in September 2025 after a multi-year pause.

This sustained accumulation highlights a broader reassessment of risk within global foreign exchange reserves, as central banks increasingly prioritise assets that are immune to financial sanctions or external controls.

De-dollarisation trend reshapes global reserves

The ongoing de-dollarisation trend is a key driver behind rising gold demand. According to IMF COFER data, the US dollar’s share of global reserves has fallen from 71% in 1999 to approximately 57% by the end of 2025—its lowest level since 1994.

This decline does not reflect aggressive selling of dollar assets but rather faster growth in alternative holdings, including euros, yen, gold, and non-traditional currencies.

EBC Financial Group notes that foreign central bank holdings of dollar-denominated assets have remained largely flat since 2014, while allocations to gold have steadily increased.

Gold’s share of official reserve assets has more than doubled from below 10% in 2015 to over 23% today, reinforcing the strength of the ongoing de-dollarisation trend and the strategic shift toward hard assets.

Global foreign exchange reserves and diversification strategy

The structure of global foreign exchange reserves is undergoing one of its most significant transformations in decades. Central banks are actively rebalancing portfolios to reduce exposure to single-currency risk while increasing allocations to gold.

The World Gold Council’s 2025 survey shows that 73% of central bankers expect the dollar’s reserve share to decline further over the next five years, while 43% plan to increase gold holdings.

This marks a historic high in institutional alignment toward gold accumulation, reinforcing its role as a strategic reserve asset rather than purely a commodity.

EBC also highlights that geopolitical instability, including the Hormuz crisis, has reinforced the urgency of holding gold domestically, where it cannot be frozen or seized through systems such as SWIFT.

Saudi Arabia and future gold demand implications

One of the most closely watched potential contributors to future central bank gold buying is Saudi Arabia. The country currently holds approximately 323 t of gold, representing just 2.6% of its total reserves.

Given its more than $500-billion in total reserves, even a modest shift to a 5% gold allocation would require massive additional purchases—potentially equal to global central bank demand projections for 2026.

While no formal announcement has been made, analysts suggest that Saudi Arabia’s participation in BRICS Plus, along with its involvement in emerging payment systems such as mBridge, signals a gradual strategic repositioning that could include increased gold accumulation.

Gold demand forecast 2026 shows structural support

The gold demand forecast 2026 remains firmly bullish, supported by sustained central bank activity. The World Gold Council projects central bank purchases between 750 t and 850 t in the coming year, significantly above historical averages.

This demand represents roughly 20% of global annual mine supply, creating a persistent one-directional flow into official reserves regardless of price fluctuations.

Such structural demand has created a “floor effect” in the gold market, where price corrections are increasingly shallow due to consistent sovereign buying.

Institutional flows are also reinforcing this trend, with strong inflows into gold exchange-traded funds (ETFs) during 2025 and expanding pilot programmes in China’s insurance sector that include gold allocations.

Key catalysts shaping the next phase of accumulation

EBC Financial Group identifies three key developments that could further accelerate the de-dollarisation trend and increase demand for gold:

1. Greater transparency from China

If China resumes detailed reporting of its gold reserves and reveals higher-than-expected holdings, it could trigger immediate upward pressure on global demand expectations.

2. Policy shifts in the Gulf

Any formal increase in gold allocations by Saudi Arabia or the United Arab Emirates would signal alignment with BRICS Plus reserve strategies.

3. Further decline in dollar reserves

Additional reductions in the dollar’s share of global foreign exchange reserves, as reported in future IMF COFER updates, would further validate the shift toward gold.

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Conclusion: BRICS Plus reshapes global monetary balance

The milestone where BRICS Plus countries increase gold reserves to more than 6000 t represents more than just accumulation—it reflects a deep structural shift in global finance.

Driven by geopolitical risk, diversification strategies, and long-term confidence in hard assets, BRICS Plus gold reserves are now central to understanding the future of global monetary systems.

As central bank gold buying continues at elevated levels and the de-dollarisation trend gains momentum, gold is increasingly positioned as a cornerstone of global foreign exchange reserves, with the gold demand forecast 2026 pointing toward continued strength and structural support for the market.

References

1. Mining Weekly – BRICS Plus countries increase gold reserves to more than 6 000 t
   https://www.miningweekly.com/article/brics-plus-countries-increase-gold-reserves-to-more-than-6-000-t-2026-04-07
2. Reuters (contextual coverage on central bank gold buying trend) – Global central banks continue record gold purchases amid geopolitical risks
   https://www.reuters.com/markets/commodities/central-banks-gold-buying-record-levels-2025-2026/

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