The Dubai Gold and Commodities Exchange (DGCX) announced today that it has signed an agreement with FinMet to expand its product offering. Through the latest collaboration, DGCX will be able to enhance its product offering with the introduction of new gold products.
The five-year agreement, which was signed by Ahmed Bin Sulayem, the Chief Executive Officer of DGCX, and Pramod Mohan, the Managing Director of FinMet, will give traders access to a broad range of trading products. Sulayem believes that the recently signed agreement will create several new opportunities in the market.
“We are delighted to forge a partnership with FinMet as part of our wider strategy to innovate new products with market participants from around the world. We are confident that the deep knowledge and expertise that FinMet provides will equip DGCX with a rich understanding of, and readiness to add incredible value to gold bullion markets through the launch of our forthcoming Physical Gold Futures and Spot Gold Contracts. Through this collaboration, we can look forward to creating new opportunities to build stronger inroads into global markets that offer traders enormous potential and liquidity,” he said.
Since the start of 2022, DGCX has witnessed strong growth in trading volumes across different products. In January 2022, the total traded value touched $7.95 billion.
The Dubai Gold and Commodities Exchange is among the biggest exchanges in the region. The platform offers a wide range of trading products including currencies, equities and metals.
“At FinMet, we are excited to be a catalyst in this development of the UAE bullion market, which truly moves the needle for institutional and corporate participants. The contract satisfies an ever-growing need for pricing, hedging and liquidity for the UAE Gold Delivery Bars. With the recent signing of the UAE-India Comprehensive Economic Partnership Agreement (CEPA), DGCX can now play a role in facilitating the smooth acceleration of trading volumes between the two countries,” Pramod Mohan, FinMet’s Managing Director, commented.