Dubai: Year-to-date volumes on the Dubai Gold and Commodities Exchange (DGCX) registered a growth of 69 per cent over last year, with a total of 11,357,329 contracts traded until the end of the third quarter of 2013.
The growth was supported by a two per cent year-on-year rise in monthly volumes in September, which saw 988,269 contracts worth $28 billion being traded.
DGCX’s precious metals segment was a key performer in September. Volumes in gold futures climbing 23 per cent from last month, driven by increased price volatility in precious metals. Silver futures grew 53 per cent from August.
Year-to-date volumes in currency futures surged 77 per cent from the same period last year with Indian Rupee Futures, Yen futures and Euro Futures registering a growth of 62 per cent, 72 per cent and 74 per cent respectively. Mini INR futures grew 15 per cent from the previous month. Gary Anderson, CEO of DGCX said, “DGCX Gold futures provide an exceptional tool for hedging gold price risk exposure in volatile environments allowing participants to profit, whichever direction the market moves. September has seen increased price volatility in the precious metal driven by US economic uncertainty; regional geo-political events; and the upcoming festive season in India, one of the world’s largest gold consumers. The Exchange offers market participants a highly supportive, regulated risk-free environment for trading Gold futures.”
Other contracts that showed strong growth in September included Australian Dollar/US Dollar futures (DAUD) and Canadian Dollar/US Dollar futures (DCUD), which grew 114 per cent and 22 per cent respectively from the previous month.
