Brazil’s Gold Exports Hit Record in January 2026, With a 102% Increase in Revenue. Understand How the Global Crisis and Historical Quotation Boosted the Metal
The economic scenario of January 2026 will be remembered as the moment when gold reaffirmed its sovereignty as the definitive “safe haven” of the global economy. In a movement that reflects geopolitical uncertainties and the search for alternatives to the dollar, Brazil recorded an unprecedented feat: gold exports soared 102.9% in revenue compared to the previous year, surpassing the mark of US$ 820.3 million.
This is the highest monthly value ever recorded since the beginning of the historical series in 1989. The previous record of US$ 815 million was set only a month earlier, in December 2025, highlighting a trend of vertiginous acceleration in the appreciation of the metal.
Gold Exports in Brazil at the Right Time: Geopolitics and Record Quotation
The engine behind this growth was not just the volume extracted, but an unprecedented appreciation in the international market. On January 29, 2026, the price of the metal reached a peak of US$ 5,600 per troy ounce, driven by escalating tensions between the United States and Iran.
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The next few hours will be marked by increasing tension regarding the stance to be adopted by the Central Bank’s Monetary Policy Committee (Copom/BC) concerning the benchmark interest rate (Selic) at the end of this Wednesday’s (17th) meeting. Although the market is ‘divided’ on the committee’s decision, the stronger trend in recent weeks is that the rate will remain unchanged at the current level of 14.50% per year. Meanwhile, a minority faction still ‘bets’ on a 0.25 percentage point (p.p) decrease.
Experts point out that the world is undergoing a strategic “de-dollarization” process. Central banks around the globe are exchanging U.S. Treasury bonds for physical gold bars. In Brazil, this behavioral shift is visible in international reserves: the amount held in gold by the Central Bank surged from US$ 11.7 billion to US$ 23.9 billion in just twelve months.

Productivity and New Environmental Challenges
Despite the record revenue, the exported volume in January 2026 (6.8 tons) is still a fraction of the volume record set in 2001. According to André Matos, CEO of MA7 Negócios, this disparity reflects a new paradigm in national mining.
“In recent decades, stricter environmental policies and operational limitations have reduced gross extraction but increased the quality of the final product,” Matos explains. The international market today demands refined gold with certified origin, which enhances the added value of Brazilian products. Additionally, the focus on sustainable mining has restricted the exploration of new deposits, prioritizing efficiency in existing mines.
Main Destinations and Internal Impact
Canada has consolidated itself as Brazil’s largest trading partner in this sector, purchasing nearly R$ 300 million in gold in January. Switzerland and the United Kingdom complete the podium of buyers, demonstrating that Brazil’s mineral wealth is fueling the world’s major financial centers.
| Destination Country | Value (R$) | Volume (Kg) |
| Canada | 298,320,010 | 2,457 |
| Switzerland | 265,057,730 | 2,536 |
| United Kingdom | 107,669,858 | 749 |
What to Expect for the Remainder of 2026?
Although the metal underwent a technical correction of 9.8% at the end of January — the largest daily decline since 1983 — the price levels remain high. Strategists from RB Investimentos believe that as long as instability in the Middle East persists and the financial system seeks diversification, gold will continue to be the most valuable asset in Brazil’s trade balance. For investors and the government, gold has ceased to be merely a commodity and has become the insurance policy against an unpredictable global scenario.

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