Gold prices have soared to $4,400 per ounce as of December 19, 2025, driven by the BRICS nations' intensified efforts to reduce reliance on the U.S. dollar. The coalition, comprising Brazil, Russia, India, China, and South Africa, has collectively acquired over 6,000 tons of gold and introduced a gold-backed settlement system. This system includes a digital currency unit pegged to 1 gram of gold, enhancing their financial independence. Russia and China dominate the group's gold reserves, holding 74% of the total. In 2025 alone, central banks globally have added 800 tons of gold to their reserves. Concurrently, the U.S. dollar's share of global reserves has declined to 56.32% in the second quarter. Additionally, a new precious metals exchange was launched in October, aiming to diminish Western influence on pricing.