Dubai: March volumes on the Dubai Gold and Commodities Exchange (DGCX) almost doubled from last year, pushing first quarter volumes past the three million contract mark. Q1 2013 volumes rose 112 per cent from Q1 2012 to reach 3,281,234 contracts, while volumes in March 2013 surged 95 per cent from the same month last year to total 1,072,052 contracts.
Currency volumes in March were up 102 per cent from the previous year, driven by brisk trading in Indian rupee futures, which maintained a strong growth momentum across the first quarter. Rupee futures traded 1,010,339 contracts in March, a 104 per cent increase from last year.
DGCX gold futures continued its strong performance since the beginning of the year, ending the first quarter with volumes of 139,914 contracts, a year-to-date growth of 47 per cent. Silver futures also continued their steady growth, with a year-on-year increase of 33 per cent.
Gary Anderson, Chief Executive Officer, DGCX, said: “DGCX’s robust first-quarter growth, driven by increased liquidity and tighter spreads in trading on the exchange, provides a good platform for a stronger growth push in the rest of the year. The rising global profile of key products, coupled with our advanced new EOS Trader Platform, is attracting an increasingly diverse range of global participants to trade on DGCX.”
Other strong monthly performances in the currency sector included euro/dollar futures, which were up 90 per cent from March last year and 282 per cent year-to-date, and yen/dollar futures, which saw a month-on-month increase of 25 per cent.
