BRICS Nations' Gold Rush: Safeguarding Economies Against US Recession Fears

In a strategic move to fortify their economies, the BRICS countries – led by China, Russia, and India – have significantly ramped up their gold reserves, becoming the top gold buyers in 2023. According to the World Gold Council, China alone added a staggering 225 tonnes of gold to its reserves last year. This trend is not just a fleeting one; early 2024 data indicates that these nations are continuing their aggressive gold acquisition. Analysts suggest this gold buying spree is a defensive measure against potential economic repercussions from a looming recession in the US and the forthcoming presidential elections. By increasing their gold reserves, BRICS nations aim to shield their economies from the volatility of the US dollar, with gold serving as a vital hedge against market crashes and inflation.