Dubai Multi Commodities Centre (DMCC) has unveiled a special edition of its Future of Trade report, spotlighting transformative trends in the global gold market and predicting the emergence of an “Asian Century” for the precious metals industry. This evolution is set to position the UAE as a dominant hub for gold trade, capitalizing on geopolitical shifts and technological advancements.
The report underscores the UAE’s rapid rise, propelled by its surpassing of the United Kingdom in 2023 to become the world’s second-largest gold trade hub. With over $129 billion in total trade last year—a 36% surge from the previous year—Dubai is cementing its reputation as a central node in a new gold economic corridor spanning BRICS nations.
Ahmed Bin Sulayem, Executive Chairman and CEO of DMCC, highlighted how global economic shifts, including Western sanctions and central banks’ record gold purchases, are redefining the precious metals landscape. “Dubai stands at the center of this transformation, serving as a critical bridge between East and West,” he remarked.
The report, titled Trade, Technology and Markets in Transition, provides an in-depth analysis of the global gold and silver markets. It reveals that geopolitical challenges and a reassessment of US dollar reliance have prompted nations to repatriate gold reserves and increase gold-backed trade.
Key recommendations from the report include enhancing transparency, liberalizing trade, formalizing artisanal and small-scale gold mining (ASGM), and leveraging technological innovation. DMCC also emphasizes the importance of adopting blockchain and digital gold products to reshape the global trade ecosystem.
As the UAE continues to enhance its regulatory framework and foster innovation, the upcoming Dubai Precious Metals Conference will bring together leaders to discuss the evolving dynamics of the precious metals industry.
