Diversifying away form its derivatives focus, the DGCX is all set to launch a spot gold contract this year that will make Dubai a major price discovery centre for the precious metal.

“We are working on the spot gold contract’s specifications and timing the launch. We expect to launch it next 2 to 3 months. The reason for the spot gold is to create a contract that is very much regionally and Dubai relevant asset class,” said Anderson.

Now up to 40 per cent of the gold traded in the world comes through Dubai. The city has a robust gold ecosystem that constitutes of importers, refiners, exporters, an active gold trading market and a derivatives market. One thing missing is the physical spot gold trading and benchmarking.