On April 10, the Shanghai Gold Exchange received its first real international partner as Dubai's gold exchange is opening up a new futures market with China to trade gold in RMB.
The Dubai gold market is the largest metals trading platform in the Middle East, and this program will have the capacity to link China's gold market directly to the Islamic world. And this is especially important now that Islam's primary financial authority for Sharia Law Finance has approved the purchasing and ownership of gold for the 1.6 billion Muslims living around the world.
Middle East's largest financial trading platform the Dubai Gold and Commodities Exchange (DGCX) is moving to launch the DGCX Shanghai Gold Futures (DSGC). This is after it tasted success with the launch of futures trading in Indian gold. The exchange, akin to Singapore, is attempting to become a hub for trading in financial products linked to India and China, two of the largest Asian economies.
The DGCX last week announced commencement on trading in Shanghai Gold Future. Trading in financial products linked to India and China, two of the largest Asian economies.
The DGCX last week announced commencement on trading in Shanghai Gold Future. Trading in Indian gold and currency is a major hit on the DGCX platform with volumes in currency pair rivaling that of the Indian bourses.
The yuan-denominated gold contracts on DGCX marks the first-ever usage of the Shanghai Gold Benchmark Price in international markets. The launch of the DSGC was officially announced at the Dubai Precious Metals Conference (DPMC) last week. – Economic Times India