Editor’s Note
BRICS nations are advancing plans to establish a dedicated trading platform for precious metals, as confirmed by Russian Deputy Foreign Minister Sergey Ryabkov. This initiative aims to complement a broader common investment platform and leverage the special economic zones within the bloc.
Members of the BRICS group of developing economies are now working to create a dedicated exchange for precious metals, Russian Deputy Foreign Minister Sergey Ryabkov told Russian state media.
Speaking to TASS, Ryabkov noted that besides a common investment platform, BRICS wants to have a “platform designed to work in special economic zones,” which virtually all participating countries have.
According to excerpts from his interview with Russia’s official news agency published Saturday, the diplomat further stated:
The Russian Federation is the source of a number of initiatives that were pitched and adopted when Moscow chaired the organization in 2024, the report reminded. These include proposals for payment platforms, mechanisms for settlements in national currencies, reinsurance facilities for trade within the grouping and with its partners.
The establishment of a grain exchange and a new investment platform, discussed recently by Ryabkov’s superior, Sergey Lavrov, were also among Moscow’s suggestions.
the deputy minister insisted, commenting on these projects, without providing more details.
The idea of an exchange for precious metals comes to the fore after the prices of these assets registered a remarkable growth over the course of the past year. Gold surpassed $5,600 in January, and the all-time high was followed by heightened market volatility, with the price per ounce falling towards $4,600 in early February. It exceeded $5,000 again later this month, according to data compiled by Trading Economics. After sliding by more than 3% this past Thursday, it rebounded again on Friday to a little over $5,000.
Recognizing the weight of the pressure that the United States can exert, BRICS intends to create an alternative to everything that Washington can shut down “at the push of a button,” Ryabkov stressed.
the Russian official said, stressing:
