Dubai Gold and Commodities Exchange (DGCX)
 

Dubai is gearing up to launch a commodities exchange in the second half of 2005 that will trade spot, futures and options contracts in Cotton, Energy , Freight, Gold, Silver , Steel , and other derivatives. DGCX will trade on Saturdays and Sundays, when other global commodities exchanges are closed, and will use an all – electronic platform already successfully used in India since 2003. Dubai has historically been an important hub in the Middle East for physical gold trading, and retains strong links with India's gold industry.
 

Dubai’s gold industry works on Saturday and Sunday, but cannot conduct hedging activity on these days because international exchanges are shut. DGCX will bridge the gap over the western weekend and also the time zone between Exchanges in the Far East and Europe.
 

DGCX is a joint venture between the Dubai Metals and Commodities Centre (DMCC), a government-owned free zone, and Bombay-based Multi Commodity Exchange (MCX) of India.