Dubai Multi Commodities Centre (DMCC) today released a special edition of its “Future of Trade 2024: Decoupled and Reconfigured” thought leadership report focused on the precious metals industry and the key trends shaping the global market for precious metals.
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.
DMCC’s findings forecast the UAE becoming one of the most important hubs for the gold trade in coming years. This position was significantly bolstered by the UAE leapfrogging the United Kingdom in 2023 to become the second-largest gold trade hub worldwide, with over US$129 billion in total trade – a rise of 36 percent on the past year.
Ahmed Bin Sulayem, Executive Chairman and Chief Executive Officer, 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, added, “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, titled “Trade, Technology and Markets in Transition,” provides key insights into the current state of the global gold and silver markets.
The report notes that thee 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.
The Future of Trade report outlined a number of important recommendations for governments and businesses to help drive the evolution of the industry and shape the next phase of its growth. The recommendations include “Enhance Transparency and Regulation”, “Facilitate Trade Liberalisation”, “Support Formalising ASGM”, Invest in AI and Technology”, “Boost Digital Innovation and Access for Emerging Markets”, and “Establish Global Standards for Digital and Blockchain Solutions”.
The report sets the stage for the upcoming Dubai Precious Metals Conference (DPMC), one of the most significant events in the global gold and precious metals industry. The conference will bring together influential business leaders, government representatives, industry experts and other main stakeholders to discuss the future of the precious metals landscape.
This special edition of DMCC’s Future of Trade report follows the September release of another special edition focused on diamonds and precious stones, both of which build on the insights of DMCC’s comprehensive biennial flagship report launched in May, outlining the primary drivers shaping global trade over the coming decade.
WAM
