The Dubai Gold and Commodities Exchange (DGCX) plans to introduce a spot gold contract this June as part of its growth as a top trading centre for the precious metal, Tarde Arabia.

The DGCX is in the final stages of finalising contract specifications, a spokesman quoted Anderson as saying at an industry conference.

The contract is expected to be for 1 kilogramme (32 troy ounces) of 0.995 purity gold, the spokesman added. The DGCX already trades gold futures.