Friday, 18th November 2005 (2567 views)

Dubai is due to launch its first gold futures contract next week.

The popular gold trading hub reportedly has 500 tonnes of gold jewellery traded within it each year and next week will see the first gold futures contract launched on its electronic exchange, reports the Financial Times.

The Dubai Gold and Commodities Exchange (DGCX) will receive a 1kg gold futures contract when it opens on Tuesday.

It will form the first of many commodities to be traded on the new exchange, with a silver contract expected next year, followed by oil and steel futures contracts.

"We have a lot of interest from the region in the gold contract," said Colin Griffith, the Dubai Metals and Commodities Centre's executive director of gold.

Many gold traders are eagerly awaiting the DGCX's opening, which it is hoped will bolster Dubai's gold trade.

So far 60 companies have become members of the DGCX and more are expected.

 

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