The Dubai Gold and Commodities Exchange (DGCX) plans to introduce a spot gold contract this June as part of its growth as a top trading centre for the precious metal, the exchange's chief executive Gary Anderson said on Sunday. The DGCX is in the final stages of finalising contract specifications, a spokesman quoted Anderson as saying at an industry conference.
The contract is expected to be for 1 kilogramme (32 troy ounces) of 0.995 purity gold, the spokesman added. The DGCX already trades gold futures.
Ahmed Bin Sulayem, executive chairman of the Dubai Multi Commodities Centre, which facilitates the trade, said on Sunday that in 2013 almost 40 percent of the world's physical gold trade came through Dubai, while the value traded via Dubai annually rose to $75 billion from $6 billion in 2003.