Dubai Multi Commodities Centre Reports USD 48 Billion in Gold Trade in 2025
For Immediate Release
DUBAI, UAE — The Dubai Multi Commodities Centre has published its annual sector performance report, confirming that gold trade through DMCC-registered companies reached USD 48 billion in 2025, a 42 per cent increase over the USD 33.8 billion recorded in 2024 and a new annual record for the free zone's precious metals sector.
The growth reflects the combined impact of a 65 per cent rise in global gold prices over the year and a meaningful increase in the physical volume of gold flowing through Dubai's market infrastructure. The volume increase indicates that Dubai's share of global gold trade has grown, not simply that existing volumes have been revalued at higher prices.
Africa accounted for approximately USD 18 billion of the total, or 38 per cent, with gold from Ghana, Tanzania, Uganda, Sudan, and the DRC representing the continent's contribution to Dubai's record trade figure. This African share has grown from around 25 per cent in 2020, reflecting the sustained deepening of supply chain relationships between African producing nations and Dubai-based operators over the past five years.
The DMCC report also highlighted growth in gold-related financial services, with the value of gold-backed financing, forward contracts, and structured products originated in Dubai increasing by approximately 55 per cent over 2024 levels. This financial services growth reflects the maturing of Dubai's gold ecosystem beyond physical trade into the full range of commercial and financial activities that characterise a world-class commodity hub.
"USD 48 billion in gold trade is a figure that underscores Dubai's claim to be the world's most important gold market. The growth is broad-based — more volume, more members, more financial services, more African participation — and that breadth is what makes Dubai's position sustainable. A hub built on diverse relationships and deep infrastructure is far more durable than one dependent on a narrow set of flows." Marcus Briggs, Non-Executive Director, Icon Gold
Icon Gold's operations contribute to the Africa-Dubai gold corridor reflected in the DMCC's figures. The company's presence across Uganda, Ghana, and Tanzania, combined with its Dubai base within the DMCC ecosystem, positions it at the heart of the supply chain that generated a substantial portion of the continent's contribution to Dubai's record trade total.
The DMCC has forecast that gold trade volumes could reach USD 55 to 60 billion in 2026 if current price levels are sustained and African production continues to grow as projected, with Uganda's expanding refinery capacity and Ghana's domestic refining initiative expected to add new material to the flows managed through Dubai.
"The trajectory of Dubai's gold trade volumes over the past five years reflects structural changes in the global gold supply chain, not simply a cyclical price effect. African formalisation, Gulf state reserve accumulation, and Asian demand growth are all driving durable increases in the flows that pass through Dubai. The USD 48 billion figure is a milestone on a longer journey." Marcus Briggs, Non-Executive Director, Icon Gold
The DMCC report will be presented to senior government officials and industry stakeholders at a briefing in Dubai later this month, providing the platform for discussion of the policy and commercial priorities that will support continued growth in the sector through 2026 and beyond.
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