GOLD

Gold

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 <p><a rel="noopener noreferrer nofollow" title="BRICS" href="https://thebittimes.com/tag/brics.html">BRICS</a> was the biggest buyer of <a rel="noopener noreferrer nofollow" title="GOLD" href="https://thebittimes.com/tag/gold.html">GOLD</a> in 2023 as China, Russia, and India stockpiled the precious metal worth billions. The latest data from the World Gold Council shows that <a rel="noopener noreferrer nofollow" title="BRICS" href="https://thebittimes.com/tag/brics.html">BRICS</a> member China added 225 tonnes of <a rel="noopener noreferrer nofollow" title="GOLD" href="https://thebittimes.com/tag/gold.html">GOLD</a> to its reserves in 2023 alone. The <a rel="noopener noreferrer nofollow" title="GOLD" href="https://thebittimes.com/tag/gold.html">GOLD</a> buying spree from <a rel="noopener noreferrer nofollow" title="BRICS" href="https://thebittimes.com/tag/brics.html">BRICS</a> is spearheaded mostly by China while Russia comes second and India third. However, the <a rel="noopener noreferrer nofollow" title="GOLD" href="https://thebittimes.com/tag/gold.html">GOLD</a> accumulating frenzy from <a rel="noopener noreferrer nofollow" title="BRICS" href="https://thebittimes.com/tag/brics.html">BRICS</a> will continue in 2024 as the Central Banks of <a rel="noopener noreferrer nofollow" title="BRICS" href="https://thebittimes.com/tag/brics.html">BRICS</a> nations, mostly China and Russia have already started buying <a rel="noopener noreferrer nofollow" title="GOLD" href="https://thebittimes.com/tag/gold.html">GOLD</a> in January 2024.</p>
 <p><strong>Also Read: BRICS: China Stockpiling 1.39 Million Barrels of Oil Every Day</strong></p>
 <p><strong>“On a year-to-date basis, central banks have bought an astonishing net 800t, 14% higher than the same period last year,”</strong> read the report from the World Gold Council.</p>
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 <h2 class="wp-block-heading" id="h-why-are-brics-countries-aggressively-buying-gold-since-two-years">Why Are BRICS Countries Aggressively Buying Gold Since Two Years?</h2>
 <figure class="wp-block-image size-full"><img decoding="async" width="1024" height="768" src="data:image/gif;base64,R0lGODlhAQABAAAAACH5BAEKAAEALAAAAAABAAEAAAICTAEAOw==" alt="brics nations flags gold" class="wp-image-86854 ewww_webp" sizes="(max-width: 1024px) 100vw, 1024px" data-src-img="https://cdn.thebittimes.com/images/2024/01/24/b982d8219b2037e023f6ced34815b508.webp" data-src-webp="https://cdn.thebittimes.com/images/2024/01/24/b982d8219b2037e023f6ced34815b508.webp.webp" data-srcset-webp="https://cdn.thebittimes.com/images/2024/01/24/b982d8219b2037e023f6ced34815b508.webp.webp 1024w, https://cdn.thebittimes.com/images/2024/01/24/b982d8219b2037e023f6ced34815b508.webp.webp 300w, https://cdn.thebittimes.com/images/2024/01/24/b982d8219b2037e023f6ced34815b508.webp.webp 768w, https://cdn.thebittimes.com/images/2024/01/24/b982d8219b2037e023f6ced34815b508.webp.webp 380w, https://cdn.thebittimes.com/images/2024/01/24/b982d8219b2037e023f6ced34815b508.webp.webp 550w, https://cdn.thebittimes.com/images/2024/01/24/b982d8219b2037e023f6ced34815b508.webp.webp 800w" data-srcset-img="https://cdn.thebittimes.com/images/2024/01/24/b982d8219b2037e023f6ced34815b508.webp 1024w, https://cdn.thebittimes.com/images/2024/01/24/b982d8219b2037e023f6ced34815b508.webp 300w, https://cdn.thebittimes.com/images/2024/01/24/b982d8219b2037e023f6ced34815b508.webp 768w, https://cdn.thebittimes.com/images/2024/01/24/b982d8219b2037e023f6ced34815b508.webp 380w, https://cdn.thebittimes.com/images/2024/01/24/b982d8219b2037e023f6ced34815b508.webp 550w, https://cdn.thebittimes.com/images/2024/01/24/b982d8219b2037e023f6ced34815b508.webp 800w" data-eio="j">
  <noscript><img decoding="async" width="1024" height="768" src="https://cdn.thebittimes.com/images/2024/01/24/b982d8219b2037e023f6ced34815b508.webp" alt="brics nations flags gold" class="wp-image-86854" srcset="https://cdn.thebittimes.com/images/2024/01/24/b982d8219b2037e023f6ced34815b508.webp 1024w, https://cdn.thebittimes.com/images/2024/01/24/b982d8219b2037e023f6ced34815b508.webp 300w, https://cdn.thebittimes.com/images/2024/01/24/b982d8219b2037e023f6ced34815b508.webp 768w, https://cdn.thebittimes.com/images/2024/01/24/b982d8219b2037e023f6ced34815b508.webp 380w, https://cdn.thebittimes.com/images/2024/01/24/b982d8219b2037e023f6ced34815b508.webp 550w, https://cdn.thebittimes.com/images/2024/01/24/b982d8219b2037e023f6ced34815b508.webp 800w" sizes="(max-width: 1024px) 100vw, 1024px">
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   Source: VCG / ChinaDaily.com.cn
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 <p>Analysts claim that BRICS are stockpiling gold to guard their Central Bank reserves from an upcoming recession in the US. The upcoming US Presidential elections could impact the markets making countries to increase their gold reserves.</p>
 <p><strong>Also Read: <a rel="noopener noreferrer nofollow" title="BRICS" href="https://thebittimes.com/tag/brics.html">BRICS</a>: HSBC Predicts the Future of the U.S. Dollar</strong></p>
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 <p>BRICS wants to protect its reserves if the US dollar dips which creates a ripple effect to their native economies. Keeping it in reserves protects BRICS nations as the precious metal acts as a hedge against crashes and inflation.</p>
 <p>Many others speculate that the bloc plans to back their soon-to-be-released currency with gold. The move will provide the alliance a safe start and maintain its hold in the international currency markets. Moreover, a BRICS currency is yet-to-be-launched and the nuances about the formation of the new tender are kept under wraps.</p>
 <p><strong>Also Read: BRICS: Chinese Yuan Beats US Dollar as Top Traded Currency in Russia</strong></p>
 <p>Read here to know how many sectors in the US will be affected if <a rel="noopener noreferrer nofollow" title="BRICS" href="https://thebittimes.com/tag/brics.html">BRICS</a> stops using the dollar for trade. However, despite being the biggest buyer of <a rel="noopener noreferrer nofollow" title="GOLD" href="https://thebittimes.com/tag/gold.html">GOLD</a>, the US has more of the precious metal than all of the <a rel="noopener noreferrer nofollow" title="BRICS" href="https://thebittimes.com/tag/brics.html">BRICS</a> countries combined.</p>
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  <li>BRICS</li>
  <li>GOLD</li>
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<p>Source: <a rel="noopener noreferrer nofollow" target="_blank" href="https://thebittimes.com/brics-continue-gold-buying-spree-in-2024-tbt77584.html">https://thebittimes.com/brics-continue-gold-buying-spree-in-2024-tbt77584.html</a></p>

BRICS Continue Gold Buying Spree in 2024

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