UAE Becomes Second-Largest Gold Trade Hub

The UAE has emerged as the world's second-largest gold trade hub, surpassing the UK in 2023 with a total trade value of over $129 billion, marking a 36% increase from the previous year. This rise is attributed to significant geopolitical shifts, including sanctions against Russia, prompting countries to diversify their reserves and reduce reliance on the US dollar. The Dubai Multi Commodities Centre (DMCC) predicts an 'Asian Century' for gold, with a new economic corridor among BRICS nations, positioning Dubai at its center. Central banks globally are increasing gold purchases, driving prices to unprecedented levels and reshaping the global gold trade landscape. Technological advancements are also transforming the industry, enhancing exploration, mining, and investment processes. The UAE's strategic location and robust infrastructure are key advantages in establishing its role as a vital player in the precious metals market.