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The U.S. dollar reached a 10-month high against all local currencies, including the BRICS bloc, and the USD is now keeping global oil prices under pressure. The strengthening of the U.S. dollar is a cause for concern as oil prices remain under pressure in international markets. The U.S. gains more than that of BRICS countries as exports become more expensive for developing countries. Crude and Brent oil are experiencing a dip in the markets as the U.S. dollar reigns supreme in September. Also Read: US Economy Could Settle Into a Long & Slow Grind, Predicts Economist Source: OilPrice On the other hand, gold declined against the U.S. dollar due to sell-offs from global investors. The gold index (XAU/USD) dipped to 107 on Thursday, falling from a high of 119 last week. The precious metal fell below the crucial support of $1,900 this week, which in turn is strengthening the U.S. dollar. The development puts the BRICS alliance in a corner as the bloc aims to challenge the US ...

The BRICS alliance plans to launch a new currency backed by gold, reported RT News a month ahead of the summit. Russia has reportedly briefed the bloc on the importance of pegging the soon-to-be-released currency to gold. The move could make it easier to take on the U.S. dollar and challenge its global reserve status. The next BRICS summit will be held in South Africa in August and the formation of a new currency will be laid out. Also Read: BRICS : India Saves $7 Billion by Ditching U.S. Dollar For Oil Trade BRICS to Back The New Currency With Gold Source: DailyFX.com The yet-to-be-launched BRICS currency could be backed by gold and the bloc of five nations are stockpiling the precious metal. In the last 18 months, the BRICS nations have increased their gold buying expenditure to end reliance on the U.S. dollar. Also Read: 6 New Countries To Join BRICS Alliance in August Summit The World Gold Council published a report saying that China purchased 102 tonnes of gold. ...

The country’s Petroleum Minister Musadik Malik disclosed this information to Reuters on a phone call.  According to the minister, the entire transaction involves 100,000 tonnes of oil, but only 45,000 tonnes has been deposited at Karachi with the others on the way. He did not divulge details of the discount which Pakistan received from Russia or the commercial Features of the deal. Still, he suggested that the oil importation is certainly a good buy for Pakistan.  “We’ve run iterations of various product mixes, and in no scenario will the refining of this crude make a loss,” Malik announced. “We are very sure it will be commercially viable.” BRICS Nations to Ditch the U.S. Dollars Importantly, the change in currency notes is a clear effort to inactivate the dominance of the United States dollars as regards international trades. More so, it is a milestone for BRICS foundation member countries; Brazil, Russia, India, China, and South Africa, that have been pushing for d...