The gold rally is under a legitimate attack even at this point, and the source of their assault is something that most people never thought of. There have been reports that Russia is thinking about rejoining the dollar trade with the United States and this would be disruptive to the BRICS gold strategy that has been leading the central bank gold purchases over a year longer than that. By the time of writing, BRICS gold reserves have increased beyond 6,000 tonnes and the gold price prediction was already going as high as $7,000 per ounce. The entirety of that would be severely endangered by a Russia dollar trade deal.

Also Read: BRICS Launches Brazil-Based Payment System, Challenging Dollar Power

Russia Dollar Trade Threatens BRICS Gold Reserves and Price Forecast

Russia’s Reported Move and What It Means for the Gold Rally

A 2026 Kremlin memo, reviewed by multiple media outlets, outlines a potential Russia dollar trade arrangement centered on fossil fuels, critical minerals, and also natural gas. COMEX gold peaked at $5,626.80 per ounce before dropping to $5,046.30 — and analysts are citing the Russia dollar trade reports as a key factor behind the decline. Central bank gold buying in response to US tariff pressure had largely fueled the gold rally, but markets are now questioning how long it can hold.

Anuj Gupta, a SEBI-registered market expert, stated:

“Ever since Donald Trump entered the White House last year, central banks across the world started buying gold to counter Trump’s tariffs. This created a significant demand-supply imbalance, leading to higher prices. The central banks, especially of the BRICS members, continued buying gold aggressively, which further fuelled the gold price rally across the world.”

BRICS Gold Reserves Hold, but the Gold Price Forecast Is Being Revised

BRICS gold reserves are not disappearing overnight, and China is also pushing back against dollar dominance with a new interest-bearing digital yuan, launched January 1, 2026. Even so, the gold rally is under real pressure at the time of writing.

Sugandha Sachdeva, Founder of SS WealthStreet, said:

“BRICS nations collectively now hold over 6,000 tonnes. Russia and China alone account for more than 2,000 tonnes each, while India’s reserves exceed 800 tonnes. At the production level, China and Russia remain among the world’s largest gold miners, giving the bloc growing influence over the physical supply chain.”

Also Read: China Supports BRICS Member Russia With Record Oil Purchases

BRICS built its gold strategy on a clear assumption — cut dollar dependency and accumulate gold as an alternative reserve currency. A US-Russia agreement would boost the dollar and drive the gold price forecast considerably down. That would deal a severe blow to the gold rally and also to the central bank gold buying that has been supporting this gold rally for months now.