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Browsing: Africa gold trade
- For African gold-exporting countries, newly introduced Dubai gold contracts could be transformative.
- Nations such as Tanzania, Ghana, South Africa, Sudan, and Mali, all of which have deep trading links with Dubai, stand to benefit from a more transparent and regionally aligned pricing mechanism that reflects actual market realities rather than Western benchmarks.
- By settling payments in UAE dirhams instead of U.S. dollars, African exporters could receive funds faster, reduce conversion costs, and avoid exposure to dollar volatility.
Dubai has made another bold move to revolutionize the world’s gold market. The Dubai Gold and Commodities Exchange (DGCX) has listed the world’s first-ever Shariah-compliant spot gold contract, opening new opportunities in Islamic finance through gold trading. The measure, reported by Khaleej Times, is seen as a tactical step that fits within the UAE’s broader goal to strengthen its financial markets, reduce reliance on dollars, and reinforce Dubai’s reputation as the “City