The Dubai Gold and Commodities Exchange (DGCX), which originally planned to launch the first spot gold contract in the Middle East this month, postpones the start of trading for 2-3 months, says DGCX CEO Gary Anderson.
In an interview published in Gulf News, Anderson said: "We are working on the specifications and the exact timing of the launch of the spot gold contract. We expect its launch in the next 2-3 months. We want to create a contract for a regional and Dubai-class asset class. "
DGCX works with slurry banks and refiners to create a spot contract that meets the needs of the sector, Anderson said. The new contract implies the supply of ingots weighing 1 kg (32 ounces) with a purity of 0.995, which is preferred by Indian investors. The exchange already offers gold and silver futures. 
According to the Dubai Multi Commodities Center, Dubai accounts for up to 40% of the world's gold trade, its turnover last year reached $ 75 billion, the portal Goldenfront.ru reports.