The Dubai Multi Commodities Centre (DMCC) has predicted that the UAE will become one of the most important hubs for the gold trade in the coming years.
In 2023, the UAE became the second-largest gold trade hub worldwide, with over $129 billion in total trade – a rise of 36% on the past year.
Based on this growth and other findings, the DMCC Future of Trade 2024: Decoupled and Reconfigured report forecasts a significant shift in the global gold trade, predicting the rise of an “Asian Century” for gold. This shift includes the development of a new gold economic corridor among BRICS nations, including the UAE, offering an alternative to traditional gold trade hubs.
“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,” said Ahmed Bin Sulayem, Executive Chairman and Chief Executive Officer, DMCC.
“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.”
The report also explores technological innovations like AI-driven exploration, blockchain-based tracking, and digital gold investment products reshaping the market.
