Business | Markets

DGCX trading scales new heights

Trading on DGCX scaled greater heights yesterday with the value of contracts traded rising to a record $157.42 million, a statement said.

  • Staff Report
  • Published: 00:00 November 10, 2006
  • Gulf News

Dubai: Trading on DGCX scaled greater heights yesterday with the value of contracts traded rising to a record $157.42 million, a statement said.

It surpassed the earlier level of $122.44 million that was set in May when gold and silver prices were at their 25-year highs. In terms of the number of contracts traded in the near term gold contract, a record was established with 5,085 December delivery contracts being traded during the day. It beat the earlier record of 4,856 contracts set on May 15.

The precious metals market experienced a corrective fall yesterday with gold and silver prices closing at their lowest levels of the week. The forex market saw the US dollar recover some lost ground against all three major currencies - the euro, sterling pound and yen.

The December dated gold contract opened at $627.60 per troy ounce - exactly at the level where it closed on Wednesday.

Prices initially touched a high of $628 and slipped lower as the session progressed.

Selling pressure towards the end of the session took prices down to a low of $617 per troy ounce.

The contract finally settled for the day at $619.60 per troy ounce, down $8 or 1.27 per cent.

Open interest in the December series witnessed a sharp fall of 272 contracts. It ended the day at 1,217. The February 2007 delivery gold contract recorded a loss of $8.10 to settle at $625.20 per ounce. Earlier during the session it opened at $633.30 and slipped to a session-low of $625.10 after having recorded a day high of $633.40.

"The US dollar managed to recoup some of its losses incurred earlier in week against all the three major currencies - the euro, sterling and yen," the statement said.

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