Dubai Gold & Commodities Exchange delay

A small delay in launch pushes back DGCX launch 8-12 weeks

The Dubai Gold & Commodities Exchange (DGCX), originally intended to offer the first spot gold contracts in the Middle East later this month, but this is now expected to launch within the next two to three months, says the DGCX CEO, Gary Anderson.

In an interview with Gulf News, Mr Anderson was quoted saying, “We are working on the spot gold contract’s specifications and timing the launch. We expect to launch it in the next two to three months. The reason for the spot gold is to create a contract that is very much a regionally and Dubai-relevant asset class.”

The new exchange is hoping to attract mining companies, refiners, fabricators and traders, as well as international banks to it’s new spot gold contract.

DGCX will be a spot gold price discovery platform and will be fully deliverable. Price figures on DGCX’s screen will be the price for spot gold in Dubai for delivery and the DGCX targets an anticipated delivery of gold within two days of any trade.

In October 2013, Anderson told the Wall Street Journal “Physically, we are looking to provide traders with a spot market, where at the end of every day, people can either deliver gold from vault in Dubai or take delivery of that gold… It will complement the gold market in the region itself and also the global market, making it easier to trade gold.”

Locals are hoping that the system will combine the flexibility of the traditional gold souk with the dependability of an established exchange.

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