PRECIOUS METALS | Russia's Potential Dollar Trade with US Could Impact Gold Prices

Russia is contemplating a return to dollar-based trade with the United States, a move that could challenge the BRICS bloc's current strategy of reducing reliance on the dollar by increasing gold reserves. According to NS3.AI, BRICS nations have collectively accumulated over 6,000 tonnes of gold, contributing to a rise in gold prices toward $7,000 per ounce. A potential trade agreement between Russia and the US could bolster the dollar, diminish the momentum of central banks' gold purchases, and lead to a notable decline in gold prices.