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The Dubai Gold and Commodities Exchange (DGCX) has announced it will waive the trading fees associated with the Shariah-compliant spot gold contract in a bid to increase trading volumes and attract new investors.
Traded on the exchange under the symbol ‘DGSG’, the waiver of the contract fee is effective from August 21, 2023, until December 31, 2023, following regulatory approval from the UAE Securities and Commodities Authority (SCA).
During this period, DGCX will waive its own and Dubai Commodities Clearing Company fees, including fees associated with trading, clearing and delivery. This exemption does not include the SCA fee of $0.03, DGCX added.
The exchange is also seeking approval from the SCA to waive its gold futures fees, along with working on introducing new contracts, such as the Shariah-compliant spot silver contract, which is currently under review.
Demand for gold has remained strong during the first half of 2023, despite market fluctuations, with the price of gold rising 5.4%, closing at $1,912.25 per ounce at the end of the period.
(Writing by Bindu Rai, editing by Brinda Darasha)
