The Dubai Gold and Commodities Exchange (DGCX) signed on Monday in Hong Kong a memorandum of understanding (MoU) with the Chinese Gold and Silver Exchange Society (CGSE), according to a joint statement.
DGCX, the only derivatives market in the Middle East, said the MoU will enable the DGCX and CGSE "to deepen their penetration into emerging markets and further develop the precious metals markets in Asia and the MENA (Middle East and North Africa) region."
"This agreement recognizes the significant opportunities to meet the evolving needs of investors in China and the Indian Subcontinent -- two of the world's largest consumers of precious metals," said the DGCX, a licensed market of the United Arab Emirates' biggest free zone, Dubai Multi Commodities Center, where over 12,000 firms run offices.
The MoU also aims to upgrade the positions of both exchanges as benchmark reference pricing venues, and to further establish them as centers of choice by connecting Asia and the Middle East, the statement said.
