Russia and China are taking concrete steps to reduce Western influence over global gold markets, signalling a broader move towards monetary self-reliance and the redomiciliation of gold reserves away from traditional Western centres.

Russia is preparing to launch its own gold exchange, independent of the London Bullion Market Association (LBMA), which has dominated international price-setting since the early 20th century. According to officials, trading on the new Russian platform will be based on physical bullion, with participation open to BRICS member states.

This marks an effort to establish a gold market “self-sufficient” from Western financial infrastructure, reflecting wider de-dollarisation trends among emerging economies.

China has also taken a decisive step by opening its first offshore gold vault in Hong Kong. The facility allows trade partners with a positive balance with China to convert surplus yuan directly into gold via the Shanghai Gold Exchange, bypassing the US dollar entirely.

Describing the move, Chinese officials said it represents “a bold move toward transparency in trade and a return to 19th-century principles: where there’s gold, there’s money.”

The development is expected to enhance the yuan’s role in international transactions, particularly among countries affected by US sanctions. Gold has continued to rise as a safe-haven asset, hitting successive all-time highs in recent months amid trade tensions and geopolitical uncertainty.

In Europe, Serbia is one of first, and is amongst a growing number of countries that are bringing their gold reserves home. It has repatriated its entire gold reserves — worth $6bn — and will no longer use foreign partners for gold storage, Bloomberg reported. The government described the move as a precaution against potential financial crises and sanctions.

“Analysts believe Serbia has opened the Pandora’s box,” Bloomberg added, noting that other states may now begin quietly withdrawing gold reserves from Western vaults and bringing them under domestic control.

The reassertion of national control over gold reserves and pricing mechanisms by non-Western economies signals a deepening fracture in the global financial order that has existed since 1922.