Dubai’s Gold and Commodities Exchange (DGCX) and the Dubai Multi Commodities Centre (DMCC) have signed an agreement with RAKBank to develop gold bullion products for investors.
The organisations are developing a number of products but have said the one under immediate consideration is a Retail Spot Gold contract that people can buy as gold investment.
The idea is to offer smaller-denomination contracts than the DGCX Spot Gold contract launched last year, which is more geared to professional traders as it requires the physical delivery of one kilogram gold bars. The new service will be offered to retail investors and smaller, more risk-averse, traders. The parties said the proposed Retail Spot Gold contract would be still be backed by physical gold and although it would be held in electronic form there would be a capability of physical redemption.
Peter England, the chief executive of RAKBank, said: “We recognise the strong appeal of owning gold across the UAE with many people having a strong belief in the great security and safe haven store of value that physical gold brings. RAKBank’s tie-up with the DMCC and DGCX will enable the development of a platform that allows customers, large and small, from across the region to acquire gold, at competitive prices, with a click of a button.”
The price of gold has fluctuated over the past two years from a low of US$1,061.10 per ounce early last year to $1,366.33 in July last year. On Friday, prices rose by 0.2 per cent to $1,254.53.
Naeem Aslam, the chief markets analyst with London-based ThinkMarkets, said that gold prices had climbed as a result of greater political instability caused by the US president Donald Trump’s missile strikes on a Syrian airfield.
“We maintain our target that the precious metal could easily touch the level of $1300 in the coming weeks,” he said.
mfahy@thenational.ae
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FIGHT INFO
Men’s 60kg Round 1:
Ahmad Shuja Jamal (AFG) beat Krisada Takhiankliang (THA) - points
Hyan Aljmyah (SYR) beat Akram Alyminee (YEM) - retired Round 1
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Seyed Kaveh Soleyman (IRI) beat Abedel Rahman (JOR) - RSC round 3.
Amine Al Moatassime (UAE) walk over Ritiz Puri (NEP)
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When Umm Kulthum performed in Abu Dhabi
Known as The Lady of Arabic Song, Umm Kulthum performed in Abu Dhabi on November 28, 1971, as part of celebrations for the fifth anniversary of the accession of Sheikh Zayed bin Sultan Al Nahyan as Ruler of Abu Dhabi. A concert hall was constructed for the event on land that is now Al Nahyan Stadium, behind Al Wahda Mall. The audience were treated to many of Kulthum's most well-known songs as part of the sold-out show, including Aghadan Alqak and Enta Omri.
T20 SQUADS
Australia: Aaron Finch (c), Mitchell Marsh, Alex Carey, Ashton Agar, Nathan Coulter-Nile, Chris Lynn, Nathan Lyon, Glenn Maxwell, Ben McDermott, D’Arcy Short, Billy Stanlake, Mitchell Starc, Andrew Tye, Adam Zampa.
Pakistan: Sarfraz Ahmed (c), Fakhar Zaman, Mohammad Hafeez, Sahibzada Farhan, Babar Azam, Shoaib Malik, Asif Ali, Hussain Talat, Shadab Khan, Shaheen Shah Afridi, Usman Khan Shinwari, Hassan Ali, Imad Wasim, Waqas Maqsood, Faheem Ashraf.
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Tips for job-seekers
- Do not submit your application through the Easy Apply button on LinkedIn. Employers receive between 600 and 800 replies for each job advert on the platform. If you are the right fit for a job, connect to a relevant person in the company on LinkedIn and send them a direct message.
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Planes grounded by coronavirus
British Airways: Cancels all direct flights to and from mainland China
Hong Kong-based Cathay Pacific: Cutting capacity to/from mainland China by 50 per cent from Jan. 30
Chicago-based United Airlines: Reducing flights to Beijing, Shanghai, and Hong Kong
Ai Seoul: Suspended all flights to China
Finnair: Suspending flights to Nanjing and Beijing Daxing until the end of March
Indonesia's Lion Air: Suspending all flights to China from February
South Korea's Asiana Airlines, Jeju Air and Jin Air: Suspend all flights
