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WGC – MIDDLE EAST UPDATE

By ANDREW NAYLOR, Head of Middle East and Public Policy, World Gold Council

In early August the World Gold Council (WGC) published its Gold Demand Trends report for Q2 2025. In this year’s second quarter, strong investment flows drove total annual gold demand (inc. OTC) 3% higher year-on-year to 1,249 tonnes, reaching a record of US$132 billion in value terms.
This increase in global gold buying was driven by a 78% year-on-year increase in investment demand, due to sizeable inflows into ETFs and decent growth in bar and coin demand, led by Asian and European investors.
Global bar and coin investment increased 11% y/y, to 307 tonnes, despite a mild q/q slowdown, and it was the strongest H1 since 2013.

Notable regional bar and coin demand insights

Consumer Bar and Coin Demand - Y/Y Change (2025Q2)

WGC MIDDLE EAST UPDATEConsumer Bar and Coin Demand WGC
% change in consumer bar and coin demand (year on year for 2025Q2) Source: Gold Demand Trends 2025Q2, World Gold Council, Metals Focus
  • China led the way with a 44% increase to 115 tonnes.
  • Indian demand totalled 46 tonnes in Q2, the eighth consecutive quarter of buying.
  • European demand more than doubled y/y to 28 tonnes, led by German investors.
  • US bar and coin demand halved to 9 tonnes, the lowest since Q4 2019.
  • Middle Eastern demand was healthy at 31 tonnes, concealing a mixed picture in different countries across the region.
  • Singapore bar and coin demand was up 22% y/y.
As they have done so for many years, central banks also played a role in driving gold’s performance. 166 tonnes was added to central bank gold reserves in the second quarter. This was at a slightly slower pace than recent quarters but is still up 41% on the 2010-2021 average. The outlook for central bank buying remains encouraging – when we surveyed central banks earlier this year, respondents overwhelmingly (95%) believed that global central bank gold reserves would increase over the next 12 months. Gold’s performance during times of crisis, portfolio diversification and inflation hedging are some key themes driving plans to accumulate more gold over the coming year. In addition, gold’s unique characteristics and role as a strategic asset continue to be valued by central banks: its performance in times of crisis, ability to act as a store of value, and its role as an effective diversifier, continue to be cited as key reasons for an allocation to gold.

its performance in times of crisis, ability to act as a store of value, and its role as an effective diversifier, continue to be cited as key reasons for an allocation to gold.

To get a better understanding of what is driving gold’s recent performance, the WGC’s Gold Return Attribution Model (GRAM) suggests a positive contribution from a rise in inflation expectations and tariff tensions via the model’s geopolitical risk metric (both risk and uncertainty factors). Momentum factors also contributed positively, while a stronger US dollar proved a heavy drag on returns in July.

Middle East Gold Demand

Gold has a long history in the Middle East. It was the ancient Egyptians that perfected the use of gold as an adornment to symbolise wealth and power. Over time it was used to barter, followed by the introduction of gold coinage in Lydia, in present-day Turkey. Mining, refining and jewellery fabrication techniques were developed in the region, and many of these techniques form the basis of gold extraction and processing technologies still used today. Whilst gold no longer serves as a currency, as in the rest of the world, it is used as an investment and adornment. For many years now the Middle East has been the third largest consumption centre for gold in the world, after China and India. Our recent GDT report confirms this. In 2024 the Middle East (excluding Turkey) consumed 281 tonnes of gold, more than twice the amount of Europe (134 tonnes). Demand was down slightly in the last quarter, primarily because jewellery still dominates the market and was more impacted by the elevated gold prices. Jewellery accounts for approximately 60% of regional gold demand but it is investment demand that is seeing the growth. This is partly a reflection of the influx if HNWIs into the UAE in particular, but also the growing access to gold through digital channels across the region.

% Consumer Demand - Middle East (2024)

WGC MIDDLE EAST UPDATEConsumer Bar and Coin Demand WGC
% breakdown of jewellery and bar/coin demand in the Middle East Source: Gold Demand Trends 2025Q2, World Gold Council, Metals Focus

Developments the United Arab Emirates

At the centre of the Middle East gold market is the UAE. It is now the second largest cross-border physical trading hub after Switzerland. With no gold deposits of its own, it acts as a trading centre for the processing of gold for onward export, and as a major jewellery wholesale and retail destination. To strengthen compliance in the sector the country has introduced several reforms. The gold sector is now overseen at the federal level, and the Ministry of Economy and Federal Government has in recent years introduced several key pieces of legislation:
  • Decree Law No. (20) of 2018 On Anti-Money Laundering and Combating the Financing of Terrorism and Illegal Organisations – acts as the foundational legislation setting out the structure, obligations and framework for tackling money laundering in the UAE. Subsequent editions to the legislation, including 2019 Cabinet Resolution 10, clarify the requirements for the DNFPB sector, including the gold industry. This includes CDD and EDD requirements, reporting suspicious transactions via the UNODC-developed “goAML” platform, and undertaking periodic AML risk assessments, amongst other requirements.
  • Due Diligence Regulations for Responsible Sourcing of Gold (2022) – requires all – and not just UAE Good Delivery – refineries operating onshore to comply with the OECD Due Diligence Guidelines. Since 2024 refineries have had to submit mandatory third-party audits on their compliance with the provisions.
  • UAE Good Delivery – UAED replaced Dubai Good Delivery and is a voluntary accreditation for both onshore and offshore refineries covering the financial health, operating history, and technical capabilities (including capacity) of the refinery. Benefits of UAEDG accreditation include delivering onto the Dubai Gold and Commodities Exchange and supplying feedstock to India under the terms of the UAE-India CEPA (onshore UAEDG refineries only). Oversight of this now sits with the Emirates Bullion Committee – a federal body covering the whole of the UAE.
To help ensure compliance with the new rules, the WGC is working with the Ministry of Economy on the development of an AML training programme specific to the dealers in precious metals sector. The sector is broad, and includes multinational companies at one end of the scale, and much smaller individual sole traders at the other end. By creating a training programme specific to the needs of the sector we are hoping to further raise standards, support compliance, and encourage further formalisation.

WGC Middle East Work Programme

In addition to the focus on enhancing AML/CFT compliance we have a number of ongoing flagship initiatives in the region:
  • Increasing consumer protection through the introduction of the WGC’s Retail Gold Investment Principles in the UAE.
  • Supporting professional development through the running of the Gold Industry Training Programme in Dubai and Istanbul.
  • Undertaking consumer insights research to better understand gold buying behaviour and preferences in the UAE.
  • Working with the Dubai Jewellery Group on a programme to identify and support young jewellery designers based in the Emirates.

The Middle East is a major gold market and the growth of the region is powering the gold industry across the GCC and beyond.

The Middle East is a major gold market and the growth of the region is powering the gold industry across the GCC and beyond. This is evidenced by the growing gold trading links between the Middle East and Southeast Asia. Since establishing a presence several years ago, a targeted programme of support has been launched to enhance standards in the gold market, implement international best practice, and promote the growth of a sustainable and responsible gold market.
ANDREW NAYLOR joined the World Gold Council in 2016. He leads the Council’s regional office in the UAE and heads up public policy initiatives globally. He was previously head of APAC (ex-China) and based in Singapore. He was also part of the central banks and public policy team and led the Council’s Islamic finance initiative. Before joining the World Gold Council, Andrew worked for the international consultancy firm Cicero Group advising financial institutions on foreign investment and trade policy in Asia and the global regulatory reform agenda.
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Ms Pawan Nawawattanasub

Ms Pawan Nawawattanasub

CEO
YLG Bullion Singapore Pte Ltd

Pawan is the CEO of YLG Bullion Singapore and founder of YLG Bullion International. She has almost 40 years of experience in the jewellery industry and established YLG in Thailand in 2003. In 2012, she brought YLG to Singapore. She sits on the Board of Directors of the Thailand Gold Traders Association, the Thailand Futures Exchange’s Arbitration Committee, and the Rotary Bangkok committee. She holds a master’s degree in Political Science.

SBMA-Albert-secretariat

Albert Cheng

Chief Executive Officer

Albert Cheng joined the World Gold Council in March 1993 as a Regional Manager, becoming Managing Director, Far East in 2003. He retired at the end of March 2015 and was subsequently named its Advisor. He has also been an International Advisor to the Shanghai Gold Exchange since 2002.

His marketing career began with Dentsu Young & Rubicam, Hong Kong in the early 80’s. He began gold marketing in July 1985 when he joined the Royal Canadian Mint as a Regional Manager for Southeast Asia.

He was appointed honorary CEO of SBMA in November 2015. He is responsible for the success and strategic development of SBMA in partner with the Chairman and the Management Committee. Also, he is responsible for maintaining accountability to and the quality of, the Association’s Membership and the annual Asia Pacific Precious Metals Conference (APPMC) as well as representing the interests of the Association in relation to regulators, investors, media and international precious metal markets, and also responsible for all the legal and regulatory aspects of the work of the Association.

SBMA-margare-secretariat

Margaret Wong

BUSINESS DIRECTOR

Margaret Wong, Business Director at SBMA (Singapore Bullion Market Association), brought valuable experience from her previous role at the World Gold Council (WGC). Her tenure at WGC provided her with extensive exposure to the gold community in Singapore and the broader region. This background has been instrumental in establishing strong working relationships within the industry.

Margaret’s role at SBMA encompasses a diverse range of responsibilities. She oversees office management, business support processes, finance, and administrative functions essential for the smooth operation of the team and management committee. Additionally, Margaret handles membership matters, member communications, and addresses public inquiries related to SBMA.

One of Margaret’s key responsibilities is coordinating with the Event Management Company for SBMA’s prestigious annual event, the Asia Pacific Precious Metals Conference. This flagship conference plays a crucial role in the industry, making her involvement pivotal in its success.

Described as resourceful and self-motivated, Margaret Wong brings a wealth of skills and experience to her role at SBMA, ensuring efficient operations and effective engagement within the precious metals community in Singapore and beyond.

SBMA Secretariat-Fabian-Lew

Fabian Lew

MARKETING & COMMUNICATIONS OFFICER

Fabian was a Business Development and Marketing Associate before joining SBMA. He graduated from Singapore Management University with a Bachelor’s degree in Economics.

He has joined SBMA since February, 2022.

Ms Crystal Xu

Vice President
TD Securities
Based in Singapore, Crystal has over a decade of experience in the metals market, specializing in trading, structuring, and delivering solutions for institutional and commercial clients across Asia. She leads initiatives spanning both physical and derivative products and plays a central role in advancing TD’s regional metals strategy. With deep expertise in market dynamics and strong cross-functional collaboration, she helps drive business growth, product innovation, and risk-informed decision making across the firm’s Asia-Pacific platform.

SECRETARIAT SBMA Clara-Chang

Clara Chang

MARKETING & COMMUNICATIONS EXECUTIVE
Clara Chang joins SBMA as the Marketing & Communications Executive, enriching the team with her extensive experience in content creation, social media management, and digital marketing. Prior to joining SBMA, Clara held the position of Marketing Executive at her previous job. She holds two bachelor’s degrees from the University at Buffalo, one in International Trade and another in Geographical Information Science. Her core duties will include maintaining the SBMA website, managing the quarterly Crucible newsletter, among other responsibilities.

SECRETARIAT SBMA-Emily-Oh

Emily Oh

OPERATIONS & ADMIN EXECUTIVE
Emily Oh is the Operations & Admin Executive, a seasoned professional who values teamwork and effective communication. She is skilled at adapting to new challenges and takes a proactive and resourceful approach to every task. Before joining SBMA, Emily had experience coordinating international travel arrangements and spearheading community initiatives. Her role at SBMA will be providing operational and administrative support for projects and other matters to the team.

Singapore Bullion Market Association Secretariat-Lee-Jia-Yi

Lee Jia Yi

OPERATIONS & ADMIN EXECUTIVE
Before joining SBMA, Jia Yi worked as an Admin & Reporting Officer in her previous role. She holds a Diploma in Business & Social Enterprise from Ngee Ann Polytechnic. Jia Yi is responsible for managing and maintaining physical and digital files in SBMA, supporting invoicing processes, reconciling receivables and payables, coordinating meetings and conferences. Additionally, she will provide support to the team and assist the Business Director in managing the Association’s office operations and general administrative activities.

SBMA-Shaokai-Fan

Mr Shaokai Fan

Head of Asia-Pacific (ex China) and Global Head of Central Banks
World Gold Council
Shaokai Fan is the Global Head of Central Banks at the World Gold Council, responsible for advising governments on gold matters, and enhancing the gold market through engagement, dialogue, and thought leadership. He works directly with central banks and sovereign wealth funds on investment considerations. Prior to this position, Shaokai held multiple roles at Standard Chartered Bank, including Director for Asia Strategic Initiatives and Associate-Director for Public Sector coverage. Shaokai holds a Masters of Public Administration from Columbia University and the London School of Economics, and an undergraduate degree in finance and economics from New York University.

SBMA-Committee-Alan-Liew

Mr Alan Liew

Head of Bullion & Commodities Trading
United Overseas Bank Limited
Alan is Head of Bullion and Commodities Trading for Group Trading in Global Markets, United Overseas Bank (UOB). Alan joined UOB and started the bank’s commodities trading business in 2014, previously he spent eight years in Standard Chartered Bank (SCB) trading both precious and base metals. During his tenure at SCB, he obtained the SGE gold trader licence and was part of the pioneering team for the SGE business and the FX quantitative trading team. Prior to trading, he worked for Monetary Authority of Singapore in the Financial Risk Management Division. He holds a BSc (Hon) in Computer Science at National University of Singapore and a MSc in Financial Engineering at Nanyang Technological University.

SBMA Committee-KL-Yap

Mr KL Yap

General Manager, Singapore Refining Business Unit
Metalor Technologies (Singapore) Pte Ltd
KL YAP is the General Manager of Metalor Technologies (Singapore) Pte Ltd’s Singapore Refining Business Unit. He joined Metalor in 2013, initially in Refining Sales. In 2014, he became Refining Business Unit Manager, leading the development of a new precious metal refinery. KL was Vice Chairman of SBMA from 2017 to 2021, now serving as Chairman. With a degree in business commerce, finance, and marketing, he brings prior experience from refinery and heavy industries.

SBMA Committee-Photo-Vinh-Nguyen

Mr Vinh Nguyen

Head of Precious Metals, Asia
StoneX APAC Pte Ltd

Vinh Nguyen joined StoneX Group in Singapore at the beginning of 2008 and responsible for its APAC precious metals activities since 2019 until now.

SBMA Committee-Photo-Kazuya-Naoki

Mr Kazuya Naoki

Head of Metals, Asia
ICBC Standard Bank Plc, Singapore Branch

Kazuya (Kaz) Naoki is the Head of Metals, Asia of ICBC Standard Bank in Singapore and is responsible for the precious & base metals sales and trading in the region. He joined Standard Bank Plc Tokyo Branch in 2008 and was relocated to its Singapore Branch in 2013 whose controlling stake was acquired by the Industrial and Commercial Bank of China in 2015. Prior to joining Standard Bank, Kaz spent 11 years focusing on commodity trading and risk management with Mitsui & Co in Tokyo, Sydney and London. Kaz has been serving on the SBMA Management Committee since 2016.

SBMA Committee-Photo-Andrew-Clarke

Mr Andrew Clarke

Head of Brink’s Global Services
Brink’s Global Services Pte Ltd

Andrew Clarke is the Head of BGS (Brink’s Global Services) for Singapore, Indonesia, Malaysia and Brunei. He has held various leadership positions throughout his career in secure logistics and risk management with Brink’s, which started in Hong Kong in 2010. Andrew relocated to Singapore in 2018 to expand the precious metals line of business along with Brink’s portfolio of services and industries.

SBMA Committee-Photo-Raman-Walia

Mr Raman Walia

Executive Director, Head of Commodities Sales – APAC
JP Morgan Chase Bank N.A.

Raman is Executive Director and Head of Commodities Sales, APAC, for J.P. Morgan. He joined JPMorgan in 2008 in New York, moved to Singapore in 2011, and helped expand the precious metals business in the region. Raman has an MBA from Cornell University, and likes to travel in his spare time.

SBMA-Committee-khun nuttapong

Mr Nuttapong Hirunyasiri

CEO
MTS Gold Global Trading Pte Ltd
Nuttapong Hirunyasiri is the CEO of MTS Gold Group, one of Thailand’s top 10 companies and top 3 bullion companies. He started MTS Gold Group’s first overseas office in Singapore and has been expanding the group business internationally. He focuses on product development and innovation for gold investment, with the aim of being a leader in providing the full suite of gold investment services in the ASEAN region.

SBMA-Committee-Nikos

Mr Nikos Kavalis

Managing Director
Metals Focus Singapore Pte Ltd
Nikos Kavalis is a founding partner of Metals Focus. He has over 20 years of experience in precious metals, having previously worked for the Royal Bank of Scotland and GFMS. Since September 2019, Nikos has been based in Singapore, where he also runs the local subsidiary of Metals Focus.