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The upcoming BRICS Summit in Rio de Janeiro could mark a pivotal shift in global commodities trading with the launch of a new precious metals exchange. This initiative aims to reduce reliance on Western markets and establish independent pricing benchmarks. The move aligns with broader efforts to de-dollarize trade among BRICS nations.
- BRICS aims to launch a precious metals exchange to bypass Western markets like the LME and COMEX, setting independent pricing benchmarks.
- The initiative supports broader de-dollarization efforts, including BRICS Pay and a proposed gold-backed regional currency.
- Success hinges on overcoming infrastructure gaps, building multilateral trust, and potential Western sanctions.
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