DGCX contracts grow 211%

The Dubai Gold and Commodities Exchange (DGCX) clocked volumes of 486,710 contracts, valued at $ 21.3 billion, in September, an increase of 211 per cent compared to the same month last year.

The Exchange’s Gold futures contract established an all-time daily volume record of 9,638 contracts on September 26, surpassing the previous high of 8,527 contracts in 2007. Gold futures also reached its highest-ever daily value of $ 486.37 million on the same day, exceeding the previous record value of $ 253.26 million in 2008.

Currency futures, which continued to be the main driver of volumes, grew 290 per cent from last year to reach 440,366 contracts. DGCX also registered substantial year-on-year increases in the precious metals segment in September, with Gold and Silver futures volumes rising by 15 per cent and 56 per cent respectively. The Indian Rupee futures contract continued its exceptional growth, rising 511 per cent year-on-year to reach 427,073 contracts, the highest ever monthly volume since the launch of the contract.

DGCX augmented its already substantial portfolio by listing Indian Rupee Options for trading on September 26. The contract offers Exchange members added flexibility to hedge and manage Rupee currency risks in a transparent and regulated trading environment. DGCX is the only exchange outside India to offer trading in both futures and options in the Indian Rupee.

Speaking about trading activity on DGCX in September, Ahmed Bin Sulayem, Chairman of DGCX said: “In the past few weeks, the markets have witnessed significant volatility in gold prices and currencies. This increased volatility and market uncertainty has increased the need for market players to hedge their price risks in a safe and regulated environment. DGCX offers some of the best tools for managing currency and commodity price risks in the region.”

DGCX year- to- date volumes touched 2,763,489 contracts in September, an increase of 103 per cent over same period 2010. Year-to-date currency volumes grew 163 per cent to reach 2,335,587 contracts this year.

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