The UAE has surpassed the UK to become the world’s second-largest gold trading hub with over $129 billion in trade in 2023, marking a 36% increase from the previous year. This growth reflects a broader shift in global gold trade with the UAE playing a central role in a new gold corridor emerging in Asia, driven by the BRICS nations.

Geopolitical tensions such as sanctions on Russia have led countries to reconsider their reliance on the U.S. dollar, boosting central bank gold purchases and driving prices to new highs. The UAE with its strategic location, strong regulatory environment and advanced infrastructure is becoming a key player in the global gold market.

Technology is also fueling growth with innovations like AI-driven mining, blockchain tracking and digital gold investment reshaping the industry. A recent DMCC report highlights the need for greater transparency, trade liberalization and investment in digital and AI technologies to foster growth in the gold sector. The UAE’s approach to stricter regulation and gold provenance measures is setting a model for the industry.

The upcoming Dubai Precious Metals Conference will bring together industry leaders to discuss these trends and explore the future of the global precious metals market.