Dubai Gold & Commodities Exchange Considering Spot Silver Contract

Bloomberg reported that after the Dubai Gold & Commodities Exchange introduces a spot gold contract in Q3 2014, it will think about starting a silver contract for immediate delivery.

As quoted in the market news:

The spot gold contract was delayed from starting last month partly because specifications had to be changed and also because of Ramadan this month, said Madyan Jabr, head of communications for the DGCX. The gold contract will be for 1 kilogram (32.15 troy ounces). DGCX already trades gold futures.

‘Futures are to hedge risk, not to get the gold,’ Jabr said. ‘What we need here is a transparent platform to provide physical gold to the market.’

Click here to read the full Bloomberg report.