DMCC Report Predicts Rising Role of UAE in Global Gold Trade

The Dubai Multi Commodities Centre (DMCC) has released a special edition of its Future of Trade report, focusing on the precious metals industry and key trends influencing the global gold market.

The report highlights significant shifts in the gold trade, predicting the rise of an "Asian Century" for gold, with a particular emphasis on the development of a new gold economic corridor among BRICS nations, including the UAE.

DMCC's findings suggest that the UAE will solidify its position as a key hub for gold trade, building on its 2023 leap to become the second-largest global gold trade centre, surpassing the United Kingdom with USD 129 billion in total trade, a 36% year-on-year increase.

Ahmed Bin Sulayem, DMCC's Executive Chairman and CEO, emphasized the role of geopolitical changes, including Western sanctions and central banks' growing gold purchases, in reshaping the market.

"Dubai is at the centre of this transformation, strengthening its role as the world’s leading precious metals hub,"

he said.

The report also explores the impact of technology, such as AI-driven mining and blockchain-based tracking systems, on the precious metals market. It calls for enhanced transparency, trade liberalisation, and the development of global standards for digital gold products.

As the gold industry navigates a rapidly evolving landscape, DMCC sees the UAE as a bridge between East and West, fostering new growth opportunities. The report sets the stage for the upcoming Dubai Precious Metals Conference, where industry leaders will discuss these critical developments.

This special edition follows DMCC’s earlier 2024 reports on diamonds and precious stones, collectively downloaded over 1.9 million times, highlighting Dubai’s pivotal role in shaping the future of global trade.

News Source: Dubai Media Office