The Dubai Gold & Commodities Exchange (DGCX) today announced successful completion of physical gold delivery of its OCT-2006 Gold futures contract with participation from multiple members.
In the largest ever delivery of physical gold, so far, 245 kgs of Gold valued at US$ 4.6 Million were delivered. Kaloti Jewellery International DMCC, Peekay Intermark Limited and FIMAT International Banque SA participated in the process.
Commenting on the occasion, Mr. Framroze Pochara, Chief Executive Officer noted, “Closely following up on the success of currency settlement valued at US$ 7.6 million last month, we are extremely happy that a large quantum of gold was delivered for the October maturity contract. It is very encouraging that the physical market is using the Exchange platform to source their gold requirements. It reiterates the commitment of DGCX to provide a cost efficient mechanism and robust price discovery platform coupled with a smooth settlement framework which fulfils the need of DGCX members”.
The quantum of gold delivered for the October 2006 maturity contract has increased manifold at 245 kgs compared 32 kgs delivered in August 2006.
In less than a year since it launched operations, DGCX has made rapid strides in winning the confidence of industry participants by providing a mix of products which meets their requirements. DGCX proposes to enhance its product offering further by launching Fujairah HSFO 380 CST futures contract on October 30, 2006 followed by Steel contract in early 2007.
