DUBAI, Oct 25: Dubai said on Tuesday it would launch a gold futures exchange on Nov 22, with South Africa’s Standard Bank among 50 founding members.

The Dubai Gold and Commodities Exchange (DGCX) said members would be able to trade six forward month gold futures. Gold and silver options contracts would be launched in the first quarter of 2006.

“We estimate that we will have around 100 members trading on the DGCX markets on day one. This critical mass of members will ensure that the first day of trading will be meaningful, and will see active participation from across the globe,” said DGCX chief executive Framroze Pochara.

The exchange will initially trade Monday to Friday, from 10am until 11.30pm local time. Seven-day trading will start in the first quarter of 2006.

Dubai, a trading port in the United Arab Emirates, has long been a hub for the physical gold industry in the Middle East, India and Pakistan. The city’s famous gold souk is also open all week.

Founding members also include the UAE’s National Bank of Dubai and Mashreq Securities, a subsidiary of Dubai’s Mashreqbank.—Reuters