The Dubai Gold and Commodities Exchange (DGCX) is poised to introduce a groundbreaking dirham-denominated gold contract, marking a significant step in bolstering the UAE’s position in the global precious metals market. Ahmed Bin Sulayem, Executive Chairman and CEO of the Dubai Multi Commodities Centre (DMCC), revealed this initiative in a recent column for Khaleej Times. The contract, pending approval from the Central Bank of the UAE and the Securities and Commodities Authority, will be physically deliverable and available in both spot and monthly futures formats, extending up to 12 months. This move aims to mitigate geopolitical and USD-trading risks while promoting the use of the UAE’s national currency in regional commodity trade settlements. Additionally, DGCX plans to launch a daily benchmark gold contract, aligned with international standards set by the International Organization of Securities Commissions (IOSCO), to ensure transparency and prevent market manipulation. The exchange is also exploring 24-hour trading and same-day settlement systems to enhance efficiency and attract global investors. With gold prices surpassing $4,000 per ounce and new regulations mandating storage in DMCC-approved vaults, DGCX is well-positioned to enter a new era of global trade, driven by AI-powered technology and increased liquidity.