Zee Gold DMCC, a subsidiary of Shirpur Gold Refinery Ltd and part of Essel Group was recently made a broker member of the Dubai Gold and Commodities Exchange (DGCX), a derivatives exchange, reports say. With this, Zee Gold DMCC would be actively involved in developing Dubai Spot Gold Contract that was recently launched.

Reports suggest that according to DGCX, the Dubai Spot Gold Contract promotes transparent Loco Dubai price discovery and helps physical delivery of 1 kg gold bars on a safe and well regulated, government owned exchange platform.

The coming together of the two entitied is being looked upon to create more improvements for the UAE bullion industry and the gold souk participants, with access to Loco Dubai gold prices on a federally regulated trading platform, as per reports.