For over a century, traders have travelled to Dubai s Souks in search of spices, pearls and gold. With such a strong trade, Dubai became known as the City of Gold .
In the first nine months of 2020, gold trade in the country was valued at 41 billion euros, according to Dubai Customs. It is the city’s most lucrative export after oil. Dubai has capitalised on its geographical position by setting up gold vaults, jewellery-making facilities and refineries.
The entire gold chain
At Al Etihad Gold, they refine and convert gold into investment-grade bars. They supply bullion banks and traders, but also jewellery wholesalers. The whole process is carried out on the premises. Al Etihad also holds the Dubai Good Delivery accreditation which is an international benchmark for quality and technical specifications.
DGCX Launches Daily Gold Futures Contract Date
25/01/2021
The Dubai Gold & Commodities Exchange (DGCX) today announced that it has launched a 12.5kg physically delivered Daily Gold Futures Contract, available for trading today. As the first-of-its-kind in the region, the contract builds on DGCX’s growing suite of precious metal products. The Daily Gold Futures Contract was introduced in response to increased market demand and will be cleared by the Dubai Commodities Clearing Corporation (DCCC).
The Daily Gold Futures Contract is certified in accordance to Dubai Good Delivery (DGD) standards which are regarded as the international benchmark for quality and technical specifications for production of Gold and Silver . The Daily Gold Futures Contract size is 400 troy ounces, with a weight tolerance of 350 troy ounces. Initial brands will include Emirates Gold DMCC and Al Etihad Gold Refinery DMCC, with the possibility of additional brands being added in the future. The contrac