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Friday, 20th April 2007 (7101 views)

At the end of this month, gold options are set to be made available through the Dubai Gold and Commodities Exchange (DGCX), it has emerged.

Speaking to Reuters, "a magnificent rise of gold trade in Dubai" is the underlying reason attributed by a Dubai-based trader, as to why traders' interest has switched towards the precious metal in the gulf.

As of April 30th, the DGCX will enable investors the opportunity to trade in gold and Ben Floyd, general manager of business development at DGCX, explained that optioning gold is a "first for the region".

Colin Griffith, head of the DGCX, stated: "This will drive more interest in the exchange from many players in the market."

Options trading is, at the present time, prohibited in India as the Multi Commodity Exchange of India does not allow it. This has paved the way for Dubai to take the leading role in this sector outside of the US and Europe.

 

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