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Gold's price outlook remains bullish, fueled by this increasing interest, especially as countries shift away from US dollar dependency. The emphasis on gold backing for a potential BRICS currency emphasizes stability and sovereignty, positioning it as a formidable challenger to existing dominant currencies.
Dismantling US Dollar Dominance: The Petro Dollar Threat
A critical aspect of BRICS' strategy involves challenging the US dollar's supremacy as the world's reserve currency. Traditionally, the dollar's dominance has been reinforced by the petro dollar system—where oil transactions are primarily conducted in USD, making it central to global finance.
However, recent developments reveal a deliberate move away from the dollar: