Dubai’s GCX doubles contracts over 2011

Trading volumes on the Dubai Gold & Commodities Exchange more than doubled in 2012, compared with the year earlier, as demand for its Indian rupee and gold futures products surged.

The exchange operator said a total of 9,601,553 contracts were traded in 2012, up from 4,044,138 in 2011.

The rise in 2012 volumes-the DGCX’s best performance since inception-was led by substantial growth in Indian Rupee and Gold futures. “As with 2011, currencies drove the majority of 2012 growth accounting for 93% of total contracts. Currency volumes reached 8,880,403 in 2012, an increase of 149% from the previous year,” the exchange operator said.

“Indian Rupee futures dominated currency trading on the Exchange, registering a growth of 171 per cent from previous year to reach 8,638,993 contracts. Currently, DGCX contributes 30 per cent of the global total exchange-traded value of Indian Rupee Futures contracts,” it added.

Trading in DGCX’s flagship gold futures contract reached 552,001 contracts in 2012, up 42 per cent from 2011. In November, Chief Business Officer Samir Shah told Dow Jones Newswires in an interview he expects to more than double trading volumes in gold futures contracts this year, reflecting growing demand from retail investors and arbitragers.