BRICS nations collectively hold more than a fifth of the planet’s officially reported gold reserves, a figure drawn from a report by RIA Novosti that cites calculations by the World Gold Council. In the second quarter of 2024, global gold reserves reached 29,030 tonnes, and BRICS contributed 6,200 tonnes, representing 21.4 percent of the total. The data exclude Iran and Ethiopia, as neither country discloses comprehensive mineral holdings, a common caveat in such assessments.
Within the BRICS bloc, Russia and China lead the gold stockpiles, holding 2,340 tonnes and 2,260 tonnes respectively, together accounting for about 37.6 percent and 36.4 percent of BRICS’ total holdings. The rest of BRICS members show more modest reserves: India with roughly 840.76 tonnes, Saudi Arabia around 323 tonnes, Brazil about 129.7 tonnes, Egypt 126.57 tonnes, South Africa 125.44 tonnes, and the United Arab Emirates about 74.5 tonnes. This distribution highlights how two large economies dominate BRICS while several others maintain smaller but meaningful reserves.
On the world stage, the United States still holds the largest gold stock, estimated at 8,100 tonnes, nearly one third of all known reserves. Germany ranks second with about 3,350 tonnes, followed closely by Italy at 2,450 tonnes and France at 2,440 tonnes. These rankings reflect long-standing central bank strategies to diversify national portfolios and hedge against inflation and currency risk.
In early October, reports indicated that the People’s Bank of China planned to add to its gold reserves again as prices for precious metals climbed. The physical stock remained unchanged, while the calculated value rose to about 191.47 billion dollars, reflecting the higher price tag of existing holdings rather than a larger metal stockpile. This pattern suggests a response to volatility in markets and the desire to bolster official posture through assets with new valuation.
Gold prices have touched higher levels and hovered near record highs as markets react to inflation signals, geopolitical tensions, and currency dynamics. The ongoing interest in precious metals keeps central banks and investors watching for shifts in reserve strategies and the currency implications of long-term inflation trends. The broader trend points to continued attention on gold as a store of value and a hedge against risk in an evolving global economy.