DGCX To Expand Access To Gold With Mini-Mold Product, In Partnership With RAKBANK #Dubai - Dubai City Guide
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DGCX To Expand Access To Gold With Mini-Mold Product, In Partnership With RAKBANK
(25 April 2019)

 

The Dubai Gold & Commodities Exchange (DGCX) in partnership with RAKBANK, today announced plans to launch a Mini-Gold Futures product, offering investors the chance to trade gold in smaller denominations. The contract will be the first-of-its-kind, and is in response to feedback from market participants that emphasized a strong desire from smaller investors to increase their exposure in the precious metals market.

The Mini-Gold product will be made available on the DGCX platform and cleared by the Dubai Commodities Clearing Corporation (DCCC). Initially, delivery will take the form of electronic transfer at RAKBANK, although as the contract develops it is envisaged that the additional capability of physical redemption will be added. The launch of the Mini-Gold contract is targeted for Q3 subject to the appropriate approvals.

Les Male, CEO of DGCX, said: "The DGCX’s decision to expand its precious metals portfolio is a direct result of the partnership we forged with RAKBANK in 2017. We are delighted to have built on this relationship, and excited to announce the launch of the MENA’s first exchange listed Mini-Gold product together. There is a strong desire to own gold in the UAE, but at present, it is difficult for smaller investors to buy Gold Futures given the large size of the contracts. This significant move will open up access for them and permit accumulation of Gold as part of their savings, while ultimately contributing to the development of the region’s bullion market."

Vikas Suri, Managing Director of Treasury at RAKBANK, said: "We were very pleased to join hands with the DGCX and DMCC two years ago to start work on the development of a platform that would allow customers, large and small, from across the region to acquire gold at competitive prices with just a click of a button through an integrated Digital Banking platform. I am delighted to note that this vision has now become a reality and that the end product of a significant amount of hard work, commitment and determination from all sides has culminated in the agreement to launch the DGCX Mini-Gold product.

This is part of our exciting RAKGOLD project to create the UAE’s first full service, end to end bullion banking offering and we look forward to supporting the new contract as both a market maker and gold clearer."

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