Editor’s Note
This report outlines the BRICS bloc’s initiative to develop an independent precious metals trading platform, a move framed as creating alternatives to Western-dominated financial systems amid current market volatility.
The BRICS alliance is working on establishing its own precious metals exchange. This news comes at a time of increased volatility in gold and silver markets. Russia has indicated that the bloc plans to create alternatives to anything the United States might shut down.
A senior Russian diplomat revealed that BRICS member states are planning to establish a new precious metals exchange. This announcement is particularly notable against the backdrop of recent price surges in assets like gold and silver, which have led to heightened market volatility.
Russian Deputy Foreign Minister Sergey Ryabkov told Russian state media that member states of the BRICS group of developing economies are working to establish a specialized precious metals exchange.
In an interview with TASS, Ryabkov noted that, in addition to a common investment platform, BRICS wants to have a “platform designed to operate within special economic zones,” which almost all participating countries have.
According to excerpts from the diplomat’s Saturday interview with the Russian official news agency, he further stated:
The report notes that the Russian Federation was the source of several initiatives proposed during Moscow’s presidency of the bloc in 2024, which were also adopted. These proposals include a payment platform, mechanisms for settlements in national currencies, and mechanisms for reinsuring trade within the bloc and with partners.
Recently, Ryabkov’s superior, Sergey Lavrov, also discussed establishing a grain exchange and a new investment platform, proposals that also came from Moscow.
Commenting on these projects, the deputy minister insisted, “All the reasons and prerequisites for achieving substantive results are in place,” but did not provide further details.
The idea for a precious metals exchange comes after a year of significant growth in the prices of these metals. After gold prices hit a record high above $5,600 in January, market volatility increased, with the price per ounce falling to around $4,600 in early February. Data shows the price later surpassed $5,000 again later in the month. After a drop of over 3% last Thursday, it rebounded again on Friday, slightly above $5,000.
Ryabkov emphasized that BRICS, recognizing the immense pressure the United States can exert, intends to build an alternative to anything Washington can shut down “at the push of a button.”
“I think no one underestimates the risks posed by U.S. policies, including sanctions and tariffs. But that doesn’t mean everyone is prepared to succumb to the pressure,” the Russian official stressed:
“We are seeking and finding solutions to problems created by the deteriorating international environment,” he added, noting that this includes efforts to cooperate within BRICS and with countries willing to work with the bloc.
The Russian representative stressed the need to deploy “digital methods and systems” in this regard, as well as the use of national currencies for transactions.
Last month, the central bank of India, a founding BRICS member, proposed linking digital currencies issued by BRICS nations to simplify cross-border trade and reduce reliance on the U.S. dollar. However, in November 2025, Russian Finance Minister Anton Siluanov acknowledged that Russia’s push for the bloc to create an international settlement system was hampered by partners’ insistence on using the dollar.
Sergey Ryabkov also highlighted some results of BRICS integration, pointing out that trade between its member states is growing faster than global trade, elaborating:
The Russian diplomat is convinced that “this merely shows that BRICS—while not some ‘magic wand’—can indeed help meet challenges.”
“We need to expand this potential, and there is also the political will to do so,” the Russian deputy foreign minister emphasized.
BRICS was initially formed in 2009 by Brazil, Russia, India, and China, with South Africa joining the following year. Since then, the intergovernmental organization has admitted Egypt, Ethiopia, Indonesia, Iran, and the United Arab Emirates as full members.