BRICS Member Russia Sells 300,000 Ounces of Gold Amid Record High Prices
Russia, a key BRICS member, offloaded 300,000 ounces of gold in January as prices soared to a record $5,500 per ounce, netting $1.68 billion. The Central Bank of Russia (CBR) confirmed the sale—its first since October—leaving its reserves at 74.5 million ounces. BRICS nations, including China, India, Brazil, and South Africa, have aggressively accumulated gold since 2022, partly in response to U.S. sanctions.
Gold prices have surged 75% year-over-year, buoying BRICS portfolios. Russia, China, and India have doubled down on gold investments since 2022, using the metal as a hedge against economic instability. Speculation about a gold-backed BRICS currency has waned, however, as divergent financial ideologies among members complicate unified monetary policy.
