DGCX July volumes at record high

The overall volumes on Dubai Gold and Commodities Exchange (DGCX) reached an all-time high of 186,842 contracts in July, valued in excess of $12 billion (Dh44bn), an increase of 227 per cent over July 2007.

Total year-to-date (January-July) volumes were up 56 per cent over the previous year, with 821,388 contracts traded with a value of $43.3bn. Gold volumes increased by 167 per cent to 109,289 contracts in July as compared to the corresponding period last year. In the currencies segment the Euro, British pound and yen all showed strong growth recording increases of 740 per cent, 43 per cent and 26 per cent respectively when compared to the same period last year.

Average daily volumes stood at 8,492 in July, up by 227 per cent as compared to the same period last year.

"Interest in derivatives is certainly gaining ground in the region, as evidenced by the growing trade on DGCX," Malcolm Wall Morris, CEO, DGCX, said.

"Growth has also been supported by the recent introduction of crude oil futures, which has attracted substantial interest from the region and beyond. The addition of crude oil to our already strong markets in Precious Metals and Currencies has highlighted our commitment to providing our customers with a broad portfolio of products with which to manage their price risk," he said.

DGCX, a fully automated, online commodities exchange, is an initiative of the Dubai Multi Commodities Centre, Financial Technologies (India) Limited and Multi-Commodity Exchange of India Limited.