Incident was an accident
April volumes on the Dubai Gold and Commodities Exchange (DGCX) recorded a 111 per cent year-on-year increase to reach 227,421 contracts valued at $11.4b, the exchange said in a statement today.
Year-to-date volumes on the exchange climbed by 51 per cent to aggregate 910,913 contracts while year-to-date average daily volumes also rose 51 per cent to touch 10,975 contracts, it added.
DGCX Gold futures continued previous month’s robust performance, rising 49 per cent year-on-year in April to reach 46,295 contracts, while Silver futures increased 298 per cent year-on-year to touch 9,921 contracts.
Eric Hasham, CEO of DGCX, said: “The current volatility in gold and silver prices has spurred increased trading activity in DGCX gold and silver futures. Derivatives such as DGCX Gold futures enable commercial parties to manage their exposure to price change. Furthermore, futures traded on regulated and cleared financial markets like DGCX protect market participant against counterparty risk.”
Currency contracts were the main driver of volume growth on the exchange, increasing 65 per cent to reach 709,454 contracts year-to-date. Currency volumes also increased 149 per cent year-on-year to reach 168,132 contracts. The Indian Rupee/Dollar witnessed a substantial year-on-year increase reaching 135,720 contracts compared to 10,285 contracts in the same month last year.
Volumes for Euro/Dollar, Sterling/Dollar and Yen/Dollar futures declined from the same month last year to reach 14,019, 10,765 and 1,245 contracts. Australian Dollar, Canadian Dollar and Swiss Franc reached volumes of 3,667, 324 and 2,392 contracts respectively.
WTI crude futures declined 53 per cent from the same month last year to reach 3,073 contracts.
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