Dubai Gold and Commodities Exchange (DGCX) got off to a strong start in 2012 with January volumes rising 95 per cent from the same month last year to hit 475,942 contracts, valued at $19.32bn.

Average daily volume (ADV) on DGCX in January was 21,634 contracts, up 86 per cent from the 11,637 contracts traded per day a year ago.

January volumes were propelled primarily by currency futures, which aggregated 442,345 contracts, rising 124 per cent from last year. Indian rupee futures sustained its exceptional growth momentum, climbing 157 per cent from January last year and reaching the highest ever monthly volume of 431,902 contracts. Among other currency futures, Sterling/Dollar grew 14 per cent while Dollar/Yen rose 39% from December 2011 to reach 2,246 and 386 contracts respectively. US Dollar/Canadian Dollar futures also grew substantially by 104 per cent over the previous month to reach 330 contracts.

Gold futures saw brisk trading in January, up 355.7 per cent from December 2011 and hitting 30,567 contracts.

Stephen Gaterell, CEO of DGCX, said, "The robust start to the year is a good portent for a strong performance in 2012. With volatility in currency and commodity markets continuing to be a feature of today's uncertain economic environment, DGCX products will be extremely valuable tools for market participants seeking to manage currency and commodity price risk. As a result, we are continuing to investigate options to expand our product offering as well as explore means of enhancing liquidity in our existing contracts."

Meanwhile, WTI Crude futures registered strong growth of 34 per cent from the previous month, reaching 1,833 contracts.