FINANCIAL NEWS

Dubai’s DMCC to trade in gold by June

24 Jan 2012

(MENAFN) Dubai Gold and Commodities Exchange’s (DGCX) chairman, Ahmed bin Sulayem, said that by June, Dubai Multi Commodities Centre (DMCC) would add gold exchange-traded funds (ETFs), reported Arab News.

Bin Sulayem added that DGCX, which is connected to DMCC, started trading gold futures contracts in 2005 and hopes to offer gold spot and ETF trading when the market-makers are ready.

He also said that at the current time, Dubai Gold ETFs are traded on Nasdaq Dubai, which is owned by Dubai Financial Market; however, DMCC plans to transfer the ETFs to its DGCX platform as a result of low liquidity, in spite of strong interest in gold trading products in other parts of the world.

It is worth noting that Dubai is also expanding its diamond trade, with the value of traded diamonds growing from USD3 million 10 years ago, to nearly USD35 billion in 2010, and the DMCC plans to double volumes traded in 2012.

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