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Gold exports to UAE surge on Trump tariff war

By Gavin Gibbon
2BK5X38 Dubai Gold Souk, United Arab Emirates A shopper studies a display in the gold souk in Dubai. Investors are turning to gold in the face of economic uncertainty Alamy
A shopper studies a display in the gold souk in Dubai. Investors are turning to gold in the face of economic uncertainty
  • Imports Switzerland to UAE double
  • 3,456kg imported in February
  • Dubai emerging as gold trading centre

Imports of physical gold from Switzerland to the UAE almost doubled month on month in February as investors turned to so-called safe haven assets against the backdrop of US President Donald Trump’s tariff war and diverging global interest rate policies.

According to Swiss customs data 3,465kg of the precious metal was imported to the UAE in February, up 80 percent on January.

“Central banks around the world have been adjusting interest rates to combat inflation, impacting currency values and increasing gold’s attractiveness as a stable investment,” said Hamza Dweik, head of trading and pricing (Mena) at Saxo Bank.

The UAE’s central bank has also been adding to its gold reserves, aligning with broader global trends in response to trade and economic uncertainties.

Switzerland is one of the biggest players in the global gold market, serving as the world’s largest bullion refining and transit hub, alongside the UK.

The Russia-Ukraine war is among reasons why physical trading patterns have been shifting. Dubai is emerging as an alternative market for Russian gold due to Western sanctions on Moscow.

“Dubai has benefitted from these shifts and its role as a regional gold trading hub continues to strengthen,” said Vijay Valecha, chief investment officer at Century Financial, which is based there.

Additionally, the UAE’s 2022 trade agreement with India – the world’s largest consumer of gold jewellery – has given support to the federation as trading centre for the metal.

The trade agreement allows for India to import up to 200 metric tonnes of gold annually from the UAE at a reduced tariff.

Gold prices are at an all time high, crossing $3,000 per ounce this month for the first time. On the New York Commodity Exchange the price stood at $3,022 per ounce on Friday at the time of writing.

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