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Tuesday, 22nd November 2005 (4640 views)

The Middle East's first gold and commodities exchange opened today (November 22nd) in Dubai.

Trading on the Dubai Commodities Exchange (DGCX) kicked off at 10.00 this morning, allowing the exchange of gold and other commodities such as silver, cotton and marine fuel oil.

The organisers designed the DGCX to sit alongside the world's other commodities trading hotspots such as London, Chicago and Tokyo and claim it will fill the time gap between trading in Europe and the Far East.

'November 22 will be a momentous day for Dubai, the global commodities trading community and the wider business community,' said the DGCX's chief executive, Framroze Pochara.

The exchange is a joint venture between the Dubai Metals and Commodities Centre and two Indian partners.

It is hoped as many as 100 members will soon be trading each day.

The exchange's opening represents a leap forward for the local gold industry. Dubai imported $10 billion in gold in 2004 but the market has until now been unable to serve global traders or the hedging requirements of the local industry.

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