BRICS Could Topple U.S. Dollar With Gold, Says Analyst
The formation of a new BRICS currency was expected to hit a nail in the U.S. dollar’s coffin. However, BRICS ambassador Anil Sooklal confirmed that the next summit in August will not discuss the creation of a new currency. This puts the U.S. dollar in safe territory as no other currency could challenge its global reserve status. However, BRICS using GOLD to topple the U.S. dollar’s prospects remains looming at large. Also Read: Russia & India Make Huge Announcement on BRICS Currency The BRICS bloc is accumulating gold at a massive pace with a motive to take on the U.S. dollar. The World Gold Council published a report highlighting that China purchased 102 tonnes of gold in 2023. On the other hand, Russia purchased 31.1 tonnes of the precious metal, while India accumulated 2.8 tonnes to its gold reserves. Though the developments look small at the global level, they could be a tipping point for the U.S. dollar. BRICS Could Dethrone the U.S. Dollar With Gold,...