BRICS plans new precious metals exchange as gold swings between $4,600 and $5,600 in 2026

On February 14, 2026, Russian Deputy Foreign Minister Sergey Ryabkov said BRICS members are working on a dedicated exchange for precious metals alongside a grain market initiative. The plan emerges after gold prices surged above $5,600 in January, dropped toward $4,600 in early February, then moved back over $5,000 amid heightened volatility. BRICS officials also highlight broader efforts to reduce exposure to U.S. pressure through alternative platforms, digital systems, and greater use of national currencies.