Dubai is at the forefront of a changing gold industry as by the UAE leapfrogged the UK to become the second-largest gold trade hub worldwide, with more than $129bn in total trade last year.
It represented a 36 per cent increase on the previous year and is a sign that the UAE is becoming one of the most important hubs for the gold trade.
Dubai Multi Commodities Centre (DMCC) has released a special edition of its “Future of Trade 2024: Decoupled and Reconfigured” report focused on the precious metals industry and the key trends shaping the global market for precious metals.
Dubai gold trade
As a result of major shifts in the global gold trade, the report predicts the rise of an “Asian Century” for gold, with a particular focus on the development of a new gold economic corridor among BRICS nations, including the UAE, that can provide an alternative to traditional gold trade centres.
Ahmed Bin Sulayem, Executive Chairman and CEO, DMCC, said: “In recent years, we have witnessed historic shifts in the precious metals market, driven by Western sanctions that have forced record buying of gold by central banks and a rethink by many countries when it comes to their reliance on the US dollar.
“We are seeing a new gold corridor form across Asia, with Dubai at its centre – exemplified by the UAE’s rise to become the world’s second-largest gold trading hub last year. Our latest Future of Trade report underscores Dubai’s pivotal role in this transformation, as we strengthen its position as the world’s leading precious metals hub, attract key industry players and support our members to unlock new growth opportunities.”
Feryal Ahmadi, Chief Operating Officer, DMCC, said: “Our latest Future of Trade report on precious metals is a vital resource for all stakeholders involved in the industry and sets the scene perfectly for the 12th edition of our Dubai Precious Metals Conference.
“As the report highlights, this is a time of opportunity and challenge, and as the gold industry navigates its place in a rapidly evolving landscape, we look forward to working with our members and partners as we continue to build the world’s premier ecosystem for the global precious metals trade from Dubai.”
The report notes that the UAE is emerging as a key player in the global precious metals market, leveraging its strategic location, robust regulatory framework, and advanced infrastructure to bridge East and West and reshape the gold trade.
The report also explores the growing importance of technological innovation within the precious metals market. From AI-driven exploration and autonomous mining techniques to blockchain-based tracking systems and digital gold investment products, technology is playing a crucial role in reshaping how gold is sourced, traded and invested in.
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