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India's central bank chief, Shaktikanta Das, clarified that no decision has been made by BRICS regarding the creation of a common currency aimed at reducing dollar dependence. He noted that while the idea was discussed, the geographical diversity of member countries poses challenges, unlike the euro zone's contiguity.
South Africa's government has clarified that there are no plans to establish a BRICS currency, countering recent misreporting. The Department of International Relations and Cooperation emphasized that discussions within BRICS are centered on trading using member countries' national currencies.
Donald Trump’s insistence on maintaining a US-dollar-based financial system may provoke unintended consequences, according to market analysts. While some believe that dollar dominance will persist, others argue that his remarks could spur emerging nations to pursue alternative currency agreements to circumvent reliance on the dollar.
US President-elect Donald Trump has issued a stark warning to BRICS nations, including India, threatening a 100% tariff on goods if they pursue plans to de-dollarize and abandon the US dollar as their primary trading currency. He demanded a commitment from these countries to refrain from creating a new currency or supporting alternatives to the dollar, emphasizing the potential economic consequences of non-compliance.
Gold prices have declined, trading around $2,635 an ounce, as a stronger US dollar follows President-elect Donald Trump's warning to BRICS nations against creating a new currency. The dollar's rise has made gold more expensive for international buyers, contributing to a nearly 3% drop last week.
Donald Trump has issued a stern warning to BRICS nations, demanding they refrain from creating or supporting any currency that could replace the U.S. dollar. He stated that failure to comply would result in 100% tariffs, emphasizing that any country attempting to challenge the dollar should "wave goodbye to America."
U.S. President-elect Donald Trump has called on BRICS nations to refrain from creating or supporting any currency that could replace the U.S. dollar. He warned that failure to comply would result in imposing 100% tariffs on those countries.
A senior US Treasury official has raised concerns about the risks to international financial stability posed by new cross-border payment systems that do not comply with standards to curb illicit activities. This warning follows a recent BRICS communique advocating for an independent payment system to circumvent Western platforms.
The US presidential elections on November 5 are poised to impact global markets, including Indian equities, which are currently facing a lackluster Q2 earnings season. A change in leadership often leads to increased market volatility as policy directions become uncertain, making the election results a crucial trigger for traders.
Gold prices are surging, nearing $2,790 per ounce, with a potential rise to $3,000 driven by geopolitical tensions and increased central bank purchases, particularly from BRICS nations. The market remains bullish, with upcoming US employment data and the presidential election likely to influence trends. Investors may secure profits at the $3,000 mark, possibly leading to a consolidation phase.
BRICS
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The information provided herein is generated by experimental artificial intelligence and is for informational purposes only.
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