Analysts said the rally reflects a confluence of macroeconomic and geopolitical factors that continue to reshape investor behaviour. They believed that a weaker US dollar as well as escalating geo-political tensions are being reflected in the continuous surge in the prices.
The upcoming BRICS Summit will focus on boosting trade in national currencies, reforming global governance, and tackling social issues like poverty and digital access. Member countries aim to strengthen cooperation, support the Global South, and explore independent dispute resolution, reflec
US President Donald Trump reiterated his threat towards the BRICS nations on Monday (local time), stating that countries part of this organisation would face 100 per cent tariffs on trade with the US if they continue their de-dollarization efforts.
The rally in gold prices was marked by key milestones. On July 18, prices touched Rs 76,410 per 10 grams, followed by another sharp rise to Rs 81,740 on October 31, driven by global inflation concerns, currency fluctuations, and the ongoing trend of de-dollarization.
Israel Minister of Economy and Industry, Nir Barkat, expressed his support for US president-elect Donald Trump's recent threat to BRICS countries regarding their de-dollarisation efforts, saying that "I think it's in the best interest of the free world."
The signs of De-dollarization are evident in the commodities space, where energy transactions are increasingly priced in non-USD currencies, highlighted a report by JP Morgan.