The 17th BRICS Summit, set for July 6-7 in Rio de Janeiro, is expected to announce a new precious metals exchange, challenging Western-dominated markets like the London Metal Exchange. Proposed by Russia in 2024, the exchange would enable BRICS members—now expanded to include Iran, Saudi Arabia, and others—to trade gold, silver, and platinum group metals independently. This aligns with the bloc’s de-dollarization push, including plans for BRICS Pay and a potential gold-backed currency. However, challenges like infrastructure, liquidity, and potential Western sanctions loom. If successful, the exchange could reshape global commodities trading and reduce reliance on U.S. financial systems.
about BRICS to Launch Precious Metals Exchange in Rio Summit