Editor’s Note
The BRICS bloc is advancing plans for a dedicated precious metals trading platform, as confirmed by Russian Deputy Foreign Minister Sergey Ryabkov. This initiative emerges amid heightened market volatility and surging gold and silver prices, signaling a strategic move to reshape global commodity trade dynamics.
BRICS member nations are planning to establish a new precious metals exchange, according to a senior Russian diplomat. This news comes as volatility in the asset markets has increased due to recent sharp rises in gold and silver prices.
Sergey Ryabkov, Russia’s Deputy Foreign Minister, told Russian state media that the BRICS developing nations are cooperating to establish an exchange dedicated to precious metals.
According to excerpts from an interview with the Russian state-run news agency released on Saturday, the diplomat added:
The report recalled that the Russian Federation was the source of several ideas proposed and adopted in 2024 when Moscow chaired the organization. These included proposals for a payments platform, a national currency settlement mechanism, and a reinsurance facility for transactions within the group and with partners.
The establishment of a grain exchange and the creation of a new investment platform, recently discussed by Ryabkov’s superior Sergey Lavrov, were also among Moscow’s proposals. The Deputy Minister, while mentioning these projects, emphasized that “all reasons and prerequisites are in place for tangible results to emerge,” but did not provide further details.
The idea of a precious metals exchange has gained attention as prices for precious metals have risen noticeably over the past year. The price of gold surpassed $5,600 in January and fell to around $4,600 per ounce in early February as market volatility increased following the all-time high. Data shows it crossed $5,000 again by the end of the month. After falling over 3% last Thursday, it rebounded on Friday to trade slightly above $5,000.
Ryabkov stressed that BRICS, recognizing the weight of pressure the US can exert, seeks to create alternatives to everything that Washington can “shut down with the push of a button.”
He added that they are “looking for solutions to problems caused by the deteriorating international environment, and to this end, we are combining efforts within BRICS with cooperation with countries that want to cooperate with BRICS.”
The Russian representative highlighted, in this context, the use of “digital methods and systems” and the use of national currencies in transactions.
Last month, the Reserve Bank of India, a founding BRICS member, proposed linking digital currencies issued by BRICS member nations to streamline cross-border trade and reduce dependence on the US dollar. However, in November 2025, Russian Finance Minister Anton Siluanov admitted that his country was facing difficulties in promoting the introduction of an international payment system within the group because partner countries were sticking to the dollar.
Sergey Ryabkov highlighted some achievements of BRICS integration, pointing out that trade between member countries is growing faster than world trade and explained:
The Russian diplomat expressed confidence that “this is simple evidence that BRICS is not some kind of ‘magic wand,’ but it can truly help solve a number of challenges.”
BRICS was originally formed in 2009 by Brazil, Russia, India, and China, with South Africa joining the following year. Since then, Egypt, Ethiopia, Indonesia, Iran, and the United Arab Emirates have joined as full members.