New Delhi, Dec. 27 -- BRICS - a significant economic bloc of emerging nations comprising Brazil, Russia, India, China, and South Africa - is fast shifting its reliance on the US Dollar to gold through the accumulation of the precious metal. Although officially BRICS nations hold around 20% of the global gold reserves, they, along with their strategically allied states (who are not BRICS members but have strong ties with BRICS member countries), now collectively hold around 50% of the global gold production.

Russia and China are leading from the front in this strategy. In 2024, China produced 380 tonnes of gold, while Russia contributed 340 tonnes. Following this strategy, in September 2025, Brazil purchased 16 tonnes of gold, marking its...