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US President Donald Trump's Trade Adviser Peter Navarro has decried the Brazil, Russia, India, China, and South Africa (Brics) alliance, adding that the member countries are like "vampires".
Navarro made these remarks in an interview with Real America Voice, which he shared on his X account. He said, "The bottom line is that none of these countries can survive if they don't sell to the United States, and when they sell to the United States, their exports, they're like vampires sucking our blood dry with their unfair trade practices. Let's see what happens. But I don't see how the Brics stay together since historically they all hate each other and kill each other."
Gold prices in India surged to Rs 1.10 lakh per 10 grams on Tuesday, aligning with international market trends. A report by Axis Mutual Fund notes that precious metals are shining brighter than ever in 2025, with gold prices hovering near record highs of $3,475/oz and silver at $40/oz, its strongest level in 13 years. Both metals have surged 35–45% year-on-year, outpacing most asset classes, as global investors rush toward safe havens amid economic uncertainty, a weaker U.S. dollar, and expectations of lower interest rates.
Why Gold Prices Are Rising
Weaker U.S. Dollar
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The Dollar Index has slipped to 97.7, down from 110 in February 2025.
A weak dollar makes gold cheaper for investors holding other currencies.
(Sources: Bloomberg, Reuters, US Bureau of Labor Statistics)
Rate-Cut Expectations
U.S. inflation stood at 2.7% YoY in July, in line with forecasts.
Softer data has raised market bets on the Fed cutting rates by 60 bps by year-end, with an 80% chance of a September cut.
(Source: CME FedWatch, FactSet)
Safe-Haven Demand
Geopolitical tensions, trade wars, and U.S. political pressure on the Fed are driving safe-haven flows into gold.
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