A new DMCC report 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 emergence of an «Asian Century» for gold. It will be driven by several key factors.
One of the most important findings is the UAE's rapid rise in the global gold trade. The report reveals that the UAE overtook the UK in 2023. Thus becoming the second largest gold hub in the world, with a total trade value exceeding $129 billion, a remarkable increase of $36% from the previous year. This rise 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 such as sanctions against Russia. These sanctions caused a global economic shock. Pushing countries to diversify their reserves and reduce dependence on the US dollar. As a result, central banks around the world are constantly buying gold, driving prices to record highs.
The report also highlights Dubai's strategic location and strong infrastructure as key strengths. These factors, combined with a strong regulatory framework, allow Dubai to act as a bridge connecting eastern and western markets, also reshaping the global gold trade landscape.
The report also explores the growing role of technology. From artificial intelligence exploration and autonomous mining to blockchain-based tracking systems and digital gold investments, technology is changing the way gold is sourced, traded and invested.
Source: artofjewellery.com
