A new report by DMCC predicts a major shift in the global gold trade, with Asia taking centre stage. Titled “Trade, Technology and Markets in Transition,” the report highlights the rise of an “Asian Century” for gold, driven by several key factors.
One of the most significant findings is the UAE’s rapid rise in the global gold trade. The report reveals that the UAE surpassed the UK in 2023 to become the world’s second-largest gold hub, with a total trade value exceeding $129 billion, a remarkable 36% increase from the previous year. This surge positions the UAE as a vital player in the future of gold trade.
The report attributes this growth to a confluence of factors, including geopolitical challenges like sanctions against Russia. These sanctions have triggered a global financial shakeup, prompting countries to diversify their reserves and reduce reliance on the US dollar. As a result, central banks worldwide have been actively buying gold, driving prices to record highs.
The report emphasises Dubai’s strategic location and robust infrastructure as key advantages. These factors, coupled with a strong regulatory framework, enable Dubai to serve as a bridge connecting Eastern and Western markets, reshaping the global gold trade landscape.
The report also explores the growing role of technology. From AI-powered exploration and autonomous mining to blockchain-based tracking systems and digital gold investments, technology is transforming how gold is sourced, traded, and invested in.