UAE Surpasses UK to Become World’s 2nd-Largest Gold Hub, DMCC Predicts ‘Asian Century’

Photo : Dubai Government Media Office

DMCC, a leading business district in Dubai, recently shared a special report about the gold market. The report says that Asia, especially countries like the UAE, will play a bigger role in the gold trade in the future. This new trend could offer countries a different way to trade gold, rather than relying on traditional centers like London.

The report shows that the UAE is becoming one of the biggest places in the world for trading gold. In 2023, the UAE passed the UK to become the second-largest gold trading hub. The total value of gold traded in the UAE reached over USD 129 billion last year, which is 36% more than the year before.

Ahmed Bin Sulayem, CEO of DMCC, said, "In the past few years, there have been major changes in the gold market. These changes, like sanctions on some countries, have made central banks buy more gold. Many countries are also looking for ways to depend less on the US dollar. A new gold trade route is now forming in Asia, and Dubai is at the center of it. The UAE’s growth in gold trade shows how important Dubai is in this change. This report shows that Dubai is playing a major role in the gold market and helping businesses grow."

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Feryal Ahmadi, COO of DMCC, said, “This report is an important tool for everyone in the gold industry. It highlights the opportunities and challenges the industry faces in a changing world. We look forward to working with our partners to make Dubai the best place for gold trade.”

The report also looks at how the global gold market is changing. For example, due to challenges like sanctions on Russia, many countries are buying more gold and bringing back gold stored in the US. This is making gold prices rise and affecting the global economy.

The UAE is becoming a key player in the gold market. Its location, rules, and strong infrastructure are helping it become a bridge for gold trade between East and West. The report also talks about how new technology is changing the gold business, like using AI in gold exploration, new mining methods, and blockchain to track gold. These technologies are making gold easier to trade and invest in.

The report offers advice to governments and businesses on how to improve the gold trade. Some of these ideas include making the rules clearer, lowering tariffs to make trade easier, helping small gold miners, and using technology to make gold trading safer and more efficient.

The Dubai Precious Metals Conference (DPMC) is coming up and will bring together leaders and experts from the gold industry to discuss the future of gold trade. This event will highlight Dubai’s important role in the global gold market.

The report is part of a series called the “Future of Trade,” which DMCC has been sharing. These reports have been downloaded over 1.9 million times and show how Dubai is leading in global trade, especially in precious metals. DMCC is working hard to make Dubai the top place for gold trading.

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