DGCX trade volumes up 300% in January
Total trade volumes in Dubai Gold & Commodities Exchange (DGCX) have jumped sharply by 300 per cent during January this year compared the same month in 2009, according to data released by the exchange.
January's volumes surged to 153,747 contracts thanks to large jumps in trading of currencies and gold futures. Valued at $9.18 billion, trading in January was led by stronger participation in currency and gold futures, which recorded volumes of 104,614 and 42,289 contracts respectively.
Euro/Dollar, GBP/Dollar, Indian Rupee/Dollar and Yen/Dollar futures recorded volumes of 51,103; 31,072; 7,181 and 15,258 respectively in January.
On January 29, the exchange recorded its second-highest daily volume for currencies with 9,892 contracts, valued at $674 million. This was close to the record of 10,669 contracts achieved in August 2009.
"The performance in the first month of 2010 is testimony to the stronger demand and participation that we are witnessing for both commodity and currency derivatives," said Eric Hasham, CEO of the DGCX. "Volatility in commodities and currencies has continued into 2010, which is encouraging participants to tap into the hedging benefits offered by DGCX futures contracts. The year has started positively for the exchange and as the economic recovery continues, DGCX will consolidate its growth and position as the region's leading derivatives exchange."
Total currency volume was 104,614 contracts in January, up by 463 per cent compared to the same month last year. Gold futures volume was 42,289 contracts, up 142 per cent. WTI crude oil and silver futures were also up on last year, with volumes of 4,294 and 2,550 contracts respectively.
Gold dips briefly
Gold dipped briefly yesterday as the dollar firmed after news of above consensus jobs data from the US, the world's largest economy.
Spot gold hit a peak of $1,124.45, the highest since January 20, and fell to around $1,111 an ounce after the ADP Employer Services report boosted the dollar.
It was bid at $1,115.45 an ounce at 1420 GMT. US gold futures for February delivery were down $5.1 to $1,112.3.
Keep up with the latest business news from the region with the Emirates Business 24|7 daily newsletter. To subscribe to the newsletter, please click here.
Follow Emirates 24|7 on Google News.