Shanghai Gold Futures

  • China is known as the one of the biggest gold producing and consuming countries in the world. It is also one of the top two importers of gold globally. Traditionally, China has been deficient in gold investments at both the sovereign and investor level. Gold consumption in China has risen significantly with consistent purchases by the Government of China. The government has also encouraged the Chinese public to invest in gold and use it as an instrument for their savings.

    Dubai has historically been a central hub for gold trading in the MENA region. The China Belt and Road initiative also passes through the region and holds strategic value for both China and the UAE. A large part of the trading community in the Americas, Europe and Asia are keen to participate in Chinese physical and derivative markets. At the same time the Chinese government wants to increase the acceptance of Chinese Yuan and the Chinese Gold price benchmark prices globally. The launch of the DGCX Shanghai Gold Futures Contract provides all stakeholders including the government in China, UAE and Dubai, market participants, SGE and DGCX a suitable opportunity to progress together on the chosen path with one singular goal.

    • Tracks and prices the largest Gold market in the world by production and consumption
    • Settlement based on the Chinese Gold benchmark Price as declared by the Shanghai Gold Exchange (SGE)
    • Traded and Cash settled in Chinese Yuan (CNH)
    • Zero Capital Gains Tax and Zero Corporate Tax
    • Contract size of 1000 grams (1kg); Tick Value of CNH 10
    • Efficient margining for optimal leverage
    • Trade your view on the Chinese Gold market
    • Trade the spread between Shanghai Gold and correlated Gold products listed on DGCX
    • The margin offsets by DCCC for inter-commodity spreads offers greater capital efficiency
  • Contract Specification Parameters
    Contract Symbol DSGC
    Underlying Shanghai Gold Benchmark Price PM *
    Contract Size 1,000 Gram (1kg)
    Quality Specification Not lower than 0.9999 purity
    Trading Currency CNH
    Settlement Currency CNH
    Price Quote CNH/Gram (e.g. Bid 284.56/ Ask 284.57)
    Tick Size 0.01 CNH
    Tick Value 10 CNH
    Daily Price Movement Limit No Limit**
    Max Order Size 500 contracts for Banks and institutions promoted by Banks. All other entities 200 contracts
    Trading Days Monday through to Friday
    Trading Hours 07:00 - 23:55 Hours Dubai time (GMT+4)
    Trading Months February, April, June, August, October, December. M1-M2 Spread contract (e.g. Feb-Apr; Apr-Jun, Jun-Aug etc.) and Jun-Dec Spread contract (Dec-Jun Spread contract)
    Last Day of Trading The 15th day of the expiring contract month. If it is a holiday in Shanghai Gold Exchange (SGE) or Dubai Gold & Commodities Exchange (DGCX), then the Last Day of Trading shall be the next Business Day for SGE after the holiday which is not holiday in DGCX. The expiring contract will close market at 12 PM Dubai time on the Last Day of Trading
    New Contract Listing Business Day immediately following the Last Day of Trading
    Settlement Cash settled
    Final Cash Settlement Price basis*** The Final Cash Settlement Price shall be the Shanghai Gold Benchmark Price PM as published by SGE at approximately 1415 hours Beijing time on the Last Day of Trading.
    Initial Margin based on SPAN CNH 9,500 per lot, Subject to change
    Calendar Spread Margin Currently 100% benefit is offered on calendar spread margins
    Extra Margin In times of high volatility, an extra margin as deemed fit by the DGCX may be imposed on all open positions
    Wholesale Trades As per DGCX By-Laws.
    *Benchmark Gold PM Fixing prices as declared by Shanghai Gold Exchange at around 1415 Hrs China Time
    **There will be no limits on intra-day price movements, however to restrict data-entry errors the system will not allow entry of orders having prices 5% above or below the closing price of the previous trading day. The DGCX shall relax the intra-day price range for the prices of the contract approaching the 5% limit.
    *** Example: If Shanghai Gold Benchmark PM price as published by Shanghai Gold Exchange on last day of trading of near month DSGC futures contract is RMB 280/gram then Final Settlement Price of DSGC near month futures contract will be CNH 280/gram

  • Expiry MonthExpiry CodeLast Trading Day
    Oct'18 DSGC-20181015 15 Oct 2018
    Dec'18 DSGC-20181217 17 Dec 2018
    Feb'19 DSGC-20190215 15 Feb 2019
    Apr'19 DSGC-20190415 15 Apr 2019
    Jun'19 DSGC-20190617 17 Jun 2019