Dubai: November volumes on the Dubai Gold and Commodities Exchange (DGCX) grew 19 per cent from the same period last year, trading 981,925 contracts, valued at $28.5 billion.
DGCX’s flagship contract, gold futures traded 46,066 contracts in November, recording a significant growth of 22 per cent year-on-year and rising 39 per cent from last month.
“The continued volume growth in gold futures reflects the growing interest from global traders in using the contract to effectively hedge against price fluctuations,” said Gaurang Desai, Interim CEO of DGCX.
The exchange plans to start the loco spot gold contract in January, Desai told Gulf News on December 11.
DGCX’s currency segment grew 18 per cent year-on-year, accounting for 93 per cent of the total monthly volume with 910,608 contracts traded.
Mini INR Futures denominated in British Pounds registered 1,607 contract while Mini INR Futures denominated in euros registered 2,391 contracts. DGCX Sensex Futures also recorded a 47 per cent growth from last year.
The exchange also plans to start trade in the Russian rouble, South African rand and the Korean won soon to meet the large hedging requirements.
