Dubai gold trading surges 14%
Gold trading volumes on the Dubai Gold and Commodities Exchange (DGCX) reached 41,945 contracts in December, registering a significant growth of 14 per cent year-on –year, the exchange announced in a media statement.
In December 2014, DGCX volumes witnessed a growth of 25 per cent from the same period last year, recording total monthly volume of 962,438 contracts valued at $27.84 billion, it said. The exchange’s average daily volume (ADV) grew 19 per cent year-on-year reaching 45,830 contracts in December 2014.
The statement said that currency segments led the year-on-year growth trading 897,116 contracts, an increase of 25 per cent from December 2013. Indian Rupee Futures, which recorded the third highest Average Daily Open Interest during the month of December, grew 21 per cent from the same period last year while the Mini Indian Rupee Future grew 69 per cent.
The DGCX’s metals segment recorded a 16 per cent increase year-on-year while the hydrocarbon sector and the equity indices segment grew 45 and 95 per cent, respectively.
The year 2014 saw DGCX further diversifying its product portfolio with the introduction of several new contracts. Early in the year, DGCX launched the region’s first ever plastics contract. Further expanding its emerging market product portfolio, the exchange re-introduced the Indian Rupee Option contract, launched two MSCI India Index contracts and listed two new pairs of Mini Indian Rupee Cross Currency Futures.
DGCX ended the year by launching three new currency contracts – Russian Ruble Futures, Korean Won Futures and South African Rand Futures.
“In 2014, DGCX made a big push to further expand its emerging market currency and index based-products and also introduce unique products such as the plastics futures,” said Gaurang Desai, Interim CEO of DGCX.
“The Exchange also upgraded its technology to provide additional functionalities and enhanced efficiencies to the member community. The upgrade also made it possible for DGCX to offer trading, clearing and settlements in different currencies, including UAEdirhams,” he noted.
“In 2015, our aim is to further grow our member community and introduce more innovative contracts starting with the spot gold which will be launched early this year. In addition, we are also looking at listing more currency, equity and soft commodity related products,” he added.
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