DGCX waives fees for its Shari’ah compliant spot gold contract

DGCX waives fees for its Shari’ah compliant spot gold contract

DUBAI, 22nd August, 2023 (WAM) – The Dubai Gold & Commodities Exchange (DGCX) has announced that it is waiving fees for its Shari’ah Compliant Spot Gold Contract.

Having now received regulatory approval from the UAE Securities and Commodities Authority (SCA), the fee waiver for DGSG will run from 21st August 2023 until 31st December 2023. During this period, DGCX will waive all DGCX and Dubai Commodities Clearing Corporation (DCCC) fees, including those associated with trading, clearing and delivery. This fee waiver excludes the SCA fee of US$0.03.

DGCX is also seeking approval from SCA to waive fees for its Gold Futures contract and will update the market accordingly.

Against a backdrop of global inflationary pressure and economic uncertainty, the demand for gold has remained robust as investors seek safe-haven assets. In the first half of 2023, the price of gold increased by 5.4 percent, closing at US$1,912.25/oz at the end of the period. Excluding developed market stocks, gold has outperformed nearly all other major assets this year, demonstrating its role as a reliable store of value.

Louis Hems, Commercial Director of DGCX, said, “Having seen significant growth in the DGCX Shari’ah Compliant Spot Gold Contract since its launch in 2018, we expect the waiving