Dubai’s DGCX to List Spot Gold Contract as Regional Demand Jumps
By GCRU Gold News on Wednesday, October 30 2013, 08:40 - Permalink
Dubai Gold & Commodities Exchange plans to list a spot gold contract in the second quarter of next year as demand for the metal in the region increases.
Dubai accounts for about 25 percent of global physical gold trade and the United Arab Emirates will grow as a precious-metals trading hub partly because of its location near the largest consuming nations, according to the Dubai Multi Commodities Centre, which owns a majority stake in the DGCX. Gold, set for the first annual decline in 13 years, advanced 14 percent since reaching a 34-month low in June as lower prices spurred demand for jewelry, bars and coins in Asia.