Dubai Gold Exchange to Launch Dirham Settled Gold Futures

The Dubai Gold and Commodities Exchange (DGCX), owned by the Dubai Multi Commodities Centre (DMCC), announced plans to launch dirham settled gold futures for one kilogram bars meeting UAE Good Delivery and LBMA standards. According to Khaleej Times, the contract, which is subject to approval from the Central Bank of the UAE and the Securities and Commodities Authority, will be offered in spot and monthly futures formats out to twelve months with physical delivery. The plan is aimed at reducing the Persian Gulf region's reliance on the US dollar in gold trading and reinforcing Dubai's position as a global bullion hub.