Geopolitical Analyst: BRICS 2024 Summit Expectations, De-dollarization and How it Affects Gold Prices

On August 19, 2023, the benchmark LBMA gold price in London soared to an unprecedented $2,500, marking a historic high. This remarkable surge in gold prices is largely attributed to massive purchases by BRICS+ central banks, combined with private buying from China, according to Steve Hanke, a professor of applied economics at Johns Hopkins University. As the importance of BRICS in the global economic landscape continues to grow, understanding its influence on gold markets and the implications for the dollar becomes increasingly vital. BRICS, an acronym for Brazil, Russia, India, China, and South Africa, was established in 2006 to foster…