Dubai is positioning itself as a pivotal player in the global gold market, leveraging its unique geographic location, robust infrastructure, and forward-thinking policies. The city has seen a surge in gold trade activity, propelled by geopolitical shifts, increased bullion acquisitions by central banks, and a strategic focus on refining and trading gold to meet evolving market demands.
Central banks have significantly boosted their gold reserves this year, with over 337 tons added in the third quarter alone. This trend has bolstered demand, aligning with Dubai’s ambitions to become a central hub for precious metals. The emirate’s role as a gold trade nexus has grown in parallel with global trends, including increased use of gold in technology and industrial applications, now accounting for nearly 7% of the market. Meanwhile, daily trading volumes in the gold sector have reached an impressive $150 billion globally.Full article