DGCX to launch gold spot contract

The Dubai Gold & Commodities Exchange is introducing a spot gold contract next week before trading begins in 2016.

The contract will cover 1 kilogram and be traded in U.S. dollars, DGCX Chief Executive Officer Gaurang Desai said by phone. The exchange, the Dubai Commodities Clearing Corp. and Dubai Multi Commodities Centre will showcase the product on Sunday in the emirate, according to an e-mailed invitation.

“‘It will be a soft launch to DGCX’s internal stakeholders ahead of the official launch taking place next year,” the exchange said through an outside public relations agency.-Bloomberg