How much of Russia's trade do you think is done with gold?

Where did you get your "over 55%" of all trade in US dollars figure from?

Gold has become a strategic resource for the Russian state since the invasion of Ukraine. It has a bearing on Russia's revenue generation capacity and its monetary policy; it is central to Russia's international campaign for de-dollarisation; it is a major feature of Russia’s engagement in Africa and Central Asia; and it plays an important part in Russia's wartime trade relations.

https://www.rand.org/pubs/research_reports/RRA3230-1.html

In 2024 the top ten reported gold-purchasing countries gold were:

1.      Russia | 1,230.6 metric tons
2.      China | 1,210.2 metric tons
3.      Türkiye | 475.6 metric tons
4.      Poland | 295.0 metric tons
5.      India | 291.4 metric tons
6.      Kazakhstan | 132.6 metric ton
7.      Uzbekistan | 126.3 metric tons
8.      Singapore | 101.5 metric tons
9.      Qatar | 96.3 metric tons
10.      Hungary | 91.4 metric tons

Of them:

3 are major, founding member BRICS nations – Russia, China; India
2 are partner BRICS nations – Kazakhstan, Uzbekistan
3 are at war, preparing/ perceiving the threat of war – Russia, China, Poland
3 are experiencing significant economic uncertainty - Russia, China, Türkiye
2 are experiencing political uncertainty – Kazakhstan, Uzbekistan
1 is suffering hyperinflation – Türkiye

Leroy wrote on Jan 18^th, 2025 at 9:00am:

National central bank purchases are responsible for the significant gold price surge and a post-COVID bounce.

There's little chance that the US would drive the price down, which usually occurs when the US dollar is strong. However, the US dollar and the gold price have recently both been strong and still are.

The key driver is, as usual, FUD... and writ large.

Fear of an imminent catastrophe - war, economic collapse.
Uncertainty regarding economic and political stability.
Doubt that the current world economic structure is good for business - i.e. the drive towards de-dollarisation.

While regimes like China's CCP encourage private gold buying (not least because the CCP can always confiscate it at will), many nations' central banks and governments are leery of private trading in gold for the same reasons they are about fiat.

Given this leeriness, they will not mourn the fact that the ridiculously high world price of gold is driving it out of reach for many private buyers, leaving gold to large financial institutions and governments.

One good thing about the gold price surge is that gold confiscation in Western countries is highly unlikely; its value will drive private gold holders to the gold traders' bullion desks uncoerced.