Gold is no longer just a refuge value. It has become an instrument of economic power. In 2024, the BRICS massively accumulated the precious metal, with a view to anticipating a hardening of American trade policies. A bet that turns out to be paid, because the new pricing increases announced by Donald Trump triggered a historic outbreak of the golden price. While the trade war is intensifying, the yellow metal stands out as the monetary weapon of the emerging powers in the face of the domination of the dollar.
BRICS AND GOLD: a winning strategic bet
The year 2024 saw a rise in the gold reserves of the BRICS, with a collective accumulation of 4,800 tonnes of the precious metal.
This strategy is part of a dynamic of dedollarization, which aims to reduce the economic dependence of these nations vis-à-vis the greenback. The initiative was greeted with skepticism by certain analysts, but it made sense after the announcements of Washington.
In March 2025, Donald Trump confirmed the application of customs prices which can reach 150 % on several countries, including the nations of the BRICS, because of their commercial policies deemed hostile to American interests.
This decision generated massive uncertainty in the financial markets, which prompted many investors to turn to gold. Thus, the precious metal price has jumped 14 % since the start of the year.
The reasons for Success of the BRICS strategy rest on several factors:
- An anticipation of economic tensions: as early as 2024, the BRICS strengthened their gold reserves, with the anticipation of the consequences of a possible protectionist escalation of the United States;
- An active refuge in times of uncertainty: market volatility and fears linked to trade tensions have prompted investors to favor gold, which has further strengthened its value;
- An alternative to the domination of the dollar: by the diversification of their reserves, the BRICS reduce their dependence on the greenback and strengthen their financial autonomy;
- A geopolitical lever effect: Faced with American sanctions, having large gold reserves allows BRICS to negotiate with more weight on the international scene.
Thanks to the adoption of an offensive economic posture, the Trump administration has involuntarily accelerated the monetary diversification movement of the BRICS, which now see their gold stock becoming a leading strategic asset.
Towards a new monetary order? BRICS accelerate dedollarization
If the accumulation of gold by the BRICS was so far perceived as a simple precautionary measure, the recent tariff increases could accelerate a more radical tilting.
In addition, advanced discussions relate to the creation of a stablecoin backed by gold, which would serve as a new alternative to transactions in dollars.
Such a project would allow emerging savings to escape American sanctions and develop a financial system independent of Washington's control.
Gold remains the only currency which does not depend on any central bank and whose value is not dictated by any government. This initiative, if it is materialized, could weaken the hegemony of the dollar and pave the way for a multipolar monetary system.
The rise in the price of gold goes beyond a simple cyclical phenomenon. It reflects a paradigm shift, where the nations of the BRICS, far from being affected by American economic pressure, could actually draw a strategic advantage. While the Trump administration seeks to tighten its control over the global economy, it could paradoxically speed up the decline of the dollar as the only international reference currency.
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