Mubasher: Spot Gold contract, the GCC’s first and the world’s only Shari’ah compliant, opened its first day of trading with a world-record exchange trading gold volume.
Spot Gold, which was listed on the Dubai Gold and Commodities Exchange (DGCX) on 29 March, traded a volume of 84 kilograms valued at $3.56 million, on its opening day, according to a statement released Sunday.
DGCX is considered the region’s largest and most diversified derivative bourse.
Les Male, the CEO of DGCX, said: “Indications suggest that the product will have a wider appeal throughout the GCC and traditional investment world who would like to access the world’s only Shari’ah Compliant gold contract traded on the exchange.”
Male added that “Listing Shari’ah Compliant Spot Gold in a dynamic and fast-growing market like the UAE, makes perfect sense as the country is well on its way to becoming the global leader for a diversified and inclusive Islamic finance economy.”
