BRICS Gold: New Precious Metals Exchange Powers On

Russia's Finance Minister Anton Siluanov announced discussions with BRICS countries to establish an international precious metals exchange. This aims to counter Western financial dominance and sanctions, featuring price indicators and trade standards. Russia, a leading gold producer, faces sanctions affecting its metal exports.

Russia is actively engaging with the BRICS nations to develop an international precious metals exchange. This new initiative, revealed by Finance Minister Anton Siluanov, seeks to ensure equitable pricing and bolster trade expansion amid Western economic influence and sanctions.

The proposed exchange will feature price indicators for metals, alongside production and trade standards. Instrumentation for accrediting market participants and systems for clearing and auditing will also be included, posing a challenge to Western platforms like the London Metal Exchange.

BRICS leaders recently voiced support for enhancing precious metals trade within the coalition. Despite Western sanctions affecting key players like Russia's Nornickel and Polyus, the move represents a significant step toward financial autonomy and resistance to external economic pressures.

(With inputs from agencies.)