BRICS: UAE Becomes 2nd Largest Gold Hub in the World
As the BRICS bloc looked to continue buying the metal, the United Arab Emirates (UAE) has become the second-largest gold hub in the world. Indeed, the country is looking to advance its position and eventually be the top “alternative” to traditional gold trade centers, according to a new report. Throughout 2024, the BRICS bloc has ramped up its efforts to acquire the asset. Many believed it was connected to its continued de-dollarization efforts, as it sought to lessen reliance on the US dollar. Those efforts have paid off, as one of its member nations has become a key player in the global gold trade market. Source: Reuters Also Read: Four New Countries Show Interest in Joining BRICS Alliance, But Who Are They? UAE Looks to be Global Gold Hub Amid BRICS Currency Shift This year had proven to be one of the biggest years for gold as an investment. Since December of 2023, the metal has continually set all-time highs and landmark price records. The highest mark was set on October...