The BRICS+ bloc nations own more than 6,000 tonnes of gold, or 17.4% of the world’s official reserves, according to an assessment by EBC Financial Group. China and Russia could concentrate around three quarters of this stock. In a separate analysis, UBS projects that the ounce would reach 5,200 dollars by June 2027. These figures explain the growing interest in the yellow metal, however they do not allow us to develop a direct relationship between the BRICS+ acquisitions and the projection of the Swiss financial institution.
In brief
- The BRICS+ hold more than 6,000 tonnes of gold, or 17.4% of the world’s official reserves.
- Russia and China concentrate nearly 74% of the bloc’s gold reserves.
- Central banks are increasing their purchases of gold with a view to diversifying reserves.
- UBS is targeting $5,200 per ounce by June 2027, supported by several monetary and economic factors.
- BRICS+ purchases contribute to gold demand without alone explaining the UBS forecast.
Russia and China dominate BRICS+ reserves
While gold just hit a six-week high, the 17.4% valuation comes from an analysis by EBC Financial Group published last April. It is linked to the gold reserves held by the central banks of the BRICS+ bloc countries, and not all the gold available worldwide.
The first two places are occupied by Russia and China within the alliance. The two nations could together account for almost 74% of its reserves, according to information provided by EBC analyst Michael Harris.
The compiled data is as follows:
- Russia reportedly has 2,336 tons of gold;
- China would hold 2,298 tonnes;
- India’s reserves would reach 880 tonnes;
- The entire BRICS+ would exceed 6,000 tonnes, or 17.4% of the official global stock.
In 2019, this stock amounted to 11.2%, according to the EBC report. Thus, the gap is around 6.2 percentage points in seven years.
This comparison, however, requires a methodological reservation. The BRICS bloc has expanded since 2019 and now accepts more countries. The available summary does not indicate whether the EBC has recalculated the historical figure with a constant composition. Part of the apparent evolution would therefore come from the integration of new countries, in addition to the acquisitions actually made.
The official statistics also contain a discrepancy. THE World Gold Council essentially brings together statements from central banks and data from the International Monetary Fund. Its monthly files are almost two months late, to which must be added the delays in certain countries.
Gold advances in reserves without crowding out the dollar
The increase in BRICS+ bloc stocks is part of a general movement. Central banks have acquired an average of 1,000 tonnes of gold per year over the past four years, compared to nearly 500 tonnes over the previous decade, according to the World Gold Council.
Gold provides many benefits to reserve managers. It does not depend on the solvency of an issuing country. Additionally, it can be held directly in the vaults of a central bank. It also allows you to diversify a portfolio exposed to currencies and sovereign bonds.
This maneuver does not mean that central banks are automatically abandoning the dollar. An increase in gold reserves proves neither a corresponding decrease in US holdings nor the future creation of a common BRICS currency.
The forecasts, however, reveal a desire for diversification. In a survey published in June 2026the World Gold Council specifies that 74% of respondents project a reasonable or significant reduction in the dollar’s share of global reserves in the next five years. Furthermore, 89% believe that official gold holdings will increase over the next twelve months.
UBS forecasts one ounce at $5,200 by June 2027
The Swiss bank UBS believes that gold would approach $5,200 per ounce during the twelve months following its June 25 report, which places this objective around June 2027. This forecast represents a market scenario, and not a guaranteed price.
The banking institution cites three main supports: a probable monetary easing in the United States in 2027, a future weakening of the dollar and the sustainability of central bank acquisitions. UBS projects that the latter will buy between 750 and 1,000 tonnes of gold per year.
The Bank, however, admits short-term risks. A change in real rates or a consolidation of the dollar would increase the opportunity cost of owning gold. In his official analysisUBS could therefore envisage an increase of between 3,850 and 4,000 dollars before a restart.
The objective of 5,200 dollars is therefore based on a combination of monetary, economic and geopolitical factors. Acquisitions from the BRICS+ alliance can support demand, however they represent only a small part of this scenario.
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