Members of the BRICS Plus trade bloc now hold over 6 000 t of gold , accounting for approximately 17.4% of total global central bank reserves—a significant rise from 11.2% in 2019. This expansion, as noted by EBC Financial Group in a recent market report, highlights a structural shift in global reserve composition and signals a growing pursuit of financial autonomy among BRICS Plus nations. The accumulation of gold reserves is not merely a statistical increase; it reflects a deliberate strategy aimed at reducing dependence on the US dollar and increasing resilience against external financial pressures.
Building on this trend, Russia leads BRICS Plus with 2 336 t, followed closely by China with 2 298 t and India with 880 t of gold . Together, Russia and China now control roughly 74% of the bloc’s total gold holdings, setting a precedent for other member nations.
In addition to these purchases, BRICS Plus central banks acquired more than 50% of all gold bought by sovereigns globally between 2020 and 2024. This collective action underscores a coordinated move toward diversifying reserves and enhancing financial security.
Following Russia and China’s lead in gold accumulation, other BRICS Plus members have also increased their holdings, as evidenced by Brazil’s first gold purchase since 2021, adding 16 t in September 2025. Over the first nine months of 2025, BRICS Plus nations collectively added 663 t of gold , valued at approximately $91-billion.
According to EBC Financial Group, this structural shift was catalysed by the freezing of approximately $300-billion in Russian foreign exchange reserves by Western nations in 2022. This event prompted BRICS Plus countries to re-evaluate the security of their reserve assets and pursue greater control over their financial resources.
As a result, central bank gold purchases surged, rising from an estimated 500 t annually before 2022 to over 1 000 t per year in each of the three years since.
Furthermore, gold stored in domestic vaults is insulated from international mechanisms such as SWIFT, making it less vulnerable to freezing or confiscation, as explained by EBC.
This accumulation of gold represents one side of a broader shift, with the other being a declining dollar share in global reserves. The International Monetary Fund’s Currency Composition of Official Foreign Exchange Reserves (COFER) data shows the dollar’s share falling from 71% in 1999 to about 57% at the end of 2025, marking its lowest level since 1994.
Foreign central bank holdings of dollar-denominated assets have remained essentially flat since 2014, according to EBC’s analysis, indicating a shift in preference rather than active selling.
EBC attributes this decline in the dollar’s share to faster growth in reserves held in euros, yen, gold , and an expanding basket of non-traditional currencies.
The World Gold Council’s 2025 survey further supports these findings, revealing that 73% of central bankers globally expect the dollar’s reserve share to decrease in the next five years. Additionally, 43% of surveyed central banks plan to increase their gold holdings, both figures representing record highs.
Building on this momentum, gold ’s share of official reserve assets has more than doubled, rising from below 10% in 2015 to over 23% today, as highlighted by EBC. This increase is partly due to price appreciation but also to central banks allocating a larger portion of their portfolios to gold , with geopolitical events like the Hormuz crisis reinforcing the urgency of such moves.
Saudi Arabia, for instance, holds about 323 t of gold , which accounts for just 2.6% of its total reserves. EBC notes this allocation is relatively low, especially given the country’s reserve assets exceed $500-billion.
If Saudi Arabia were to move to a 5% gold allocation, it would require purchases matching the entire projected central bank demand for 2026 from a single buyer, according to EBC.
Although Saudi Arabia has not publicly announced plans to increase gold holdings, its BRICS Plus membership, involvement in the mBridge platform, and closer ties with Beijing suggest the potential for strategic repositioning, which could logically include greater gold accumulation, as suggested by EBC.
The World Gold Council projects that central banks will purchase between 750 t and 850 t of gold this year, levels that remain far above historical averages and reinforce the ongoing trend.
This volume represents about 20% of annual global mine supply, absorbed as a one-directional flow regardless of price. This creates a structural floor in the market, making each correction shallower than the last, according to EBC’s commentary.
In addition to central bank demand, institutional inflows are reinforcing the trend. Gold exchange-traded fund inflows accelerated throughout 2025, and China’s insurance sector has been allocated pilot positions in gold, further supporting market strength, as EBC notes.
EBC highlights three developments that could accelerate this ongoing trend. First, if China resumes public reporting of gold reserve additions and reveals larger-than-expected holdings, it could serve as an immediate catalyst, especially since China has not publicly reported purchases since May 2024. Second, any formal gold allocation increase by Saudi Arabia or the United Arab Emirates would confirm that the newest BRICS Plus members are following the Russia-China playbook. Third, further declines in the dollar’s reserve share in the next IMF COFER release would reinforce the narrative driving sovereign gold demand.
Broader Implications of Increased BRICS Plus Gold Holdings
This shift in gold reserves may signal a move toward greater financial autonomy for BRICS Plus nations, potentially influencing global currency markets and reducing reliance on the US dollar. By diversifying away from dollar-denominated assets and increasing gold allocations, BRICS Plus countries could enhance their financial stability and resilience against geopolitical risks. Over time, this trend may intensify currency competition, reshape international trade dynamics, and encourage other emerging economies to follow suit. The growing influence of respected institutions like the World Gold Council, IMF, and EBC Financial Group lends credibility to these developments and suggests that the structural changes underway could have far-reaching consequences for global finance.