DMCCA-led division leads discussion on new opportunities in gold trade
Over 35 experts from the Dubai gold industry recently gathered together to mark the sixth anniversary of the formation of the Dubai Gold Advisory Group (DGAG) – an initiative of the Dubai Multi Commodities Centre Authority (DMCCA). The Groupâ€™s mandate is to provide strategic insights, advice and expertise to develop the gold industry in the emirate.
At a reception held at DMCCâ€™s flagship property, the Almas Tower in Jumeirah Lakes Towers, top industry officials celebrated the achievements of the Group during the past year, including the awarding of â€˜Certificates of Appreciationâ€™ to the oldest serving members of the DGAG. The awards were presented in recognition of their efforts and significant contributions to the development of the gold industry in Dubai.
Later in the evening, Ahmed Bin Sulayem, Executive Chairman, DMCC announced the name of the winner of the DMCC Gold Convention 2009 Gold price Prediction Competition. A one-ounce â€˜Visions of Dubaiâ€™ gold coin sponsored by INTL Commodities DMCC was presented by Jeff Rhodes, CEO Intl Commodities DMCC to the winner, Mr. Farook Kassim, Managing Director Al Bogari Holdings.Â Mr. Kassim predicted the closing price of the nearest delivery DGCX gold futures contract on last trading day of the year of US$1096 an ounce, a figure that was within 40 cents of the actual price of US$ 1096.4.
The Dubai Gold Advisory Group was constituted in 2003 as an independent advisory body to work with the DMCC to position Dubai as an international hub for precious metals by contributing ideas, insights and expertise that would enhance Dubaiâ€™s reputation as an international precious metals refining, production, financing, trading and jewellery manufacturing hub.
The Group convenes every month at DMCCâ€™s premises and provides a forum where developments impacting the industry are discussed and solutions are sought for a wide variety of issues. The Group also provides a live communication channel with the local market participants.