DUBAI: Dubai Multi Commodities Centre findings forecast the UAE becoming one of the most important hubs for the gold trade in coming years.
In its thought leadership report, “Future of Trade 2024: Decoupled and Reconfigured,” highlights significant shifts in the global gold trade and predicts the emergence of an “Asian Century” for gold, driven by the development of a new economic corridor among BRICS nations, including the United Arab Emirates (UAE).
The report underscores the UAE’s ascension as a major player in the global gold market, having surpassed the United Kingdom to become the second-largest gold trading hub worldwide in 2023.
With over $129 billion in total gold trade—an impressive 36 per cent increase from the previous year—the UAE is positioned to play a pivotal role in the future of the precious metals industry. Ahmed Bin Sulayem, Executive Chairman and CEO of DMCC, attributes this growth to historic market shifts, including increased gold purchases by central banks and a reevaluation of reliance on the US dollar by various nations.
He emphasises Dubai’s central role in the formation of a new gold corridor across Asia, which is set to redefine traditional trading dynamics.
Fostering innovation
Feryal Ahmadi, Chief Operating Officer of DMCC, further accentuates the importance of the report, describing it as an essential resource for stakeholders within the precious metals sector.
The report not only outlines current trends but also sets the stage for the upcoming Dubai Precious Metals Conference (DPMC), where industry leaders will convene to discuss the future trajectory of the market.
A critical theme emerging from the report is the integration of technological innovation within the precious metals industry. Advances such as AI-driven exploration, autonomous mining techniques, and blockchain-based tracking systems are transforming how gold is sourced, traded, and invested in.
The report advocates for enhanced transparency and regulation, trade liberalisation, and the formalisation of artisanal and small-scale gold mining (ASGM) as essential steps to foster growth and innovation in the sector.
