SEATTLE (Scrap Monster): The Dubai Gold & Commodities Exchange (DGCX) launched a new gold futures contract. The newly launched 12.5 kg physically delivered Daily Gold Futures Contract is available for trading effective yesterday, said the press release issued by the exchange.
According to DGCX, the contract is the first-of-its-kind in the region and it builds on to the exchange’s growing suite of precious metal products. The contract, to be cleared by the Dubai Commodities Clearing Corporation (DCCC), was launched in response to rising market demand.
The Daily Gold Futures Contract is certified in accordance with the Dubai Good Delivery (DGC) standards. The contract size will be 400 troy ounces, with a weight tolerance of 350 troy ounces. Initially, it will include leading brands like Emirates Gold DMCC and Al Etihad Gold Refinery DMCC. Additioanl brands will be added in future. The contract will be compulsory physical delivery for all open positions held at the end of each trading day, said the exchange.
Commenting on the launch, Les Male, CEO, DGCX said that the launch comes at a time when investors are seeking greater exposure to gold. The contract will offer broader range of solutions to meet customers’ business needs, he added.
YOU MAY ALSO BE INTERESTED IN: