Headline: Russia’s Reported Pivot Back to the Dollar Threatens BRICS-Led Gold Rally — What It Means for Markets and Digital Currencies A surprising development is rattling the months-long gold rally driven by BRICS central bank purchases: media reports say Russia is weighing a return to dollar-denominated trade with the United States. If true, such a move could undercut the BRICS strategy of reducing dollar dependence and hoarding bullion as an alternative reserve — a strategy that helped push BRICS gold reserves past 6,000 tonnes and sent some price forecasts into speculative territory. What’s been reported - A 2026 Kremlin memo, reviewed by several outlets, reportedly outlines a potential Russia–U.S. trade arrangement focused on fossil fuels, critical minerals and natural gas. - Markets reacted: COMEX gold recently hit a high of $5,626.80 per ounce before sliding to about $5,046.30, with analysts pointing to the Russia–dollar trade reports as a key driver of the pullback. - BRICS reserves have reportedly topped 6,000 tonnes, and some bullish forecasts — already sky-high — had pushed hypothetical price targets as far as $7,000/oz. Why BRICS gold buying mattered Central banks, particularly in the BRICS bloc, began aggressive bullion accumulation partly as insurance against U.S. tariff and trade policies. As SEBI-registered market expert Anuj Gupta put it: “Ever since Donald Trump entered the White House last year, central banks across the world started buying gold to counter Trump’s tariffs. This created a significant demand-supply imbalance, leading to higher prices. The central banks, especially of the BRICS members, continued buying gold aggressively, which further fuelled the gold price rally across the world.” BRICS position and production Sugandha Sachdeva, founder of SS WealthStreet, highlights the bloc’s growing heft: “BRICS nations collectively now hold over 6,000 tonnes. Russia and China alone account for more than 2,000 tonnes each, while India’s reserves exceed 800 tonnes. At the production level, China and Russia remain among the world’s largest gold miners, giving the bloc growing influence over the physical supply chain.” Broader implications — dollar, gold and digital currency dynamics The BRICS strategy has been simple: weaken dollar dominance and build a gold-backed safety net. A re-engagement between Russia and the U.S. that expands dollar trade would likely shore up the greenback and could push speculative gold forecasts lower — endangering the momentum behind central bank buying. That dynamic also intersects with digital currency geopolitics. China, for example, rolled out an interest-bearing digital yuan on January 1, 2026, and BRICS members are exploring alternate payment rails. Shifts in major commodity and currency agreements therefore ripple across both traditional reserves and nascent digital payment strategies. Bottom line For now, BRICS holdings aren’t evaporating, but the reported Russia–U.S. dollar discussions represent a credible risk to the narrative that has powered gold’s rise. Traders and crypto observers should watch two things closely: any firm U.S.–Russia trade commitments and further central bank buying patterns — both will help determine whether the gold rally resumes its climb or cools as the dollar regains strength. Read more AI-generated news on: undefined/news