The Mini-Gold product will be made available on the Dubai Gold & Commodities Exchange (DGCX) platform and cleared by the Dubai Commodities Clearing Corporation (DCCC).
Thursday 11, April 2019 BY KUDAKWASHE MUZORIWA
The DGCX and RAKBANK have partnered to launch a Mini-Gold Futures product, offering investors the chance to trade gold in smaller denominations.
In a statement, the DGCX said that 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 contract is in response to feedback from market participants that emphasised smaller investors’ desire to increase their exposure in the precious metals market.
Les Male, DGCX’s Chief Executive Officer, said, “This significant move will open up access for smaller investors and permit the accumulation of gold as part of their savings, while ultimately contributing to the development of the region’s bullion market.”
The launch of the Mini-Gold product is targeted for the third quarter of 2019, subject to the appropriate approvals.