The UAE re-exported and consumed more gold in the first quarter of 2026 than in any corresponding quarter on record. According to the latest Dubai Multi Commodities Centre trade-flow data, monthly inflows through Jebel Ali averaged 145 tonnes — significantly above the long-term monthly average of 92 tonnes, and tracking above the previous 2024 peak.
The drivers are familiar: central-bank purchasing remains aggressive (the Emirates alone added to its sovereign reserves in three of the past four quarters), institutional allocators are rotating out of US Treasuries, and retail demand from new UAE-resident HNW and UHNW entrants continues to climb. Total UAE-resident population passed 11 million in 2025 with a particularly gold-conviction wealthy cohort from the CIS, India and the Levant.
What does that mean for retail and mid-tier buyers in Dubai and Abu Dhabi? Three things. First, premiums on kilo bars and sovereign coins (Maple, Britannia, Eagle) are likely to firm through Q3 2026 as institutional buyers absorb primary supply. Second, the UAE's zero VAT regime becomes more — not less — meaningful as international prices push higher. Third, the secondary-market liquidity for Dubai-held bullion remains among the deepest globally, meaning IBV Gold can offer firm buyback quotes at any studio.
For investors looking to enter the market at current levels, our recommended UAE-portfolio anchor remains 60% physical gold (split across kilo bars for capital preservation and 1oz government-coin format for liquidity), 30% silver for asymmetric upside, and 10% platinum for industrial-cycle exposure. Allocations can be structured through IBV International Vaults in Dubai for instant buyback and insured custody.
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