Dubai gold exchange trading in Nov

The Dubai Gold and Commodities Exchange, set up by Dubai and two partners from India and the first electronic multi-commodity derivatives exchange in the Middle East, will commence trading in November this year in precious metals contracts.

The exchange is joint venture of government-run Dubai Metals and Commodities Centre, Financial Technologies (India) Ltd and Multi Commodity Exchange of India Ltd.

Jignesh Shah, Vice Chairman of DGCX, told a press conference in Dubai on today that the starting of the exchange will help India, the world's largest consumer of gold.

India consumes 1200 tonnes gold every year. The exchange will start trading in gold and silver, followed by other commodities.

Shah said the exchange would help MCX to spread its wings outside India. MCX is the world's largest silver futures exchange and the second biggest gold commodities exchange.

To boost the market confidence, DGCX will attract participation from leading commodities and securities players and make DGCX the most preferred exchange regionally and internationally, he said.