Dubai: DGCX is in talks with market participants for a possible launch of the spot gold contract by the end of the first quarter to March, a senior official said on Sunday, with an aim to set it as a benchmark Loco Dubai price for all stakeholders in China, India, and Africa etc.

The exchange currently has futures contract on gold. China and India consume more than 1,500 tonnes, which is equivalent to nearly half of the world’s gold supplies coming mainly from China, Australia, United States and Russia.

The DGCX has ongoing discussions with Dalian Commodity Exchange to possibly cross-list products on both the exchanges, Gaurang Desai, interim-chief executive officer and the chief operating officer of DGCX.

Dalian exchange mainly trade in agricultural commodities besides other plastics contracts. Volumes grew by more than 20 per cent in January from 962,438 contracts in December.

On year on year January contracts rose 13 per cent from 1.043 million in January 2014 mainly dominated by volumes in gold contracts.

Currently, the exchange records a daily turnover of $1.4-1.5 billion (Dh5.1-5.5 billion) per day in USD-INR contracts. The DGCX’s biggest segments are currencies, equities, precious metals, and hydrocarbons. The exchange trades in these commodities and currencies through 250 members and 84 clearing members.

The Government of Dubai owns more than 67 per cent stake in DGCX, which will complete a decade in the business in November 2015.