Arab Today, arab today dgcx yeartodate volumes rise 56
Last Updated : GMT 01:44:06
Arab Today, arab today
Arab Today, arab today

DGCX year-to-date volumes rise 56%

Arab Today, arab today

Arab Today, arab today DGCX year-to-date volumes rise 56%

Dubai - WAM

The year-to-date volumes on the Dubai Gold and Commodities Exchange (DGCX) grew 56 percent in October from the same period last year to total 12.17 million contracts, valued at $25 billion. Among the key highlights of October trading was the robust growth of precious metals contracts. Gold Futures volumes increased 60 percent from last month to reach 45,928 contracts while silver futures rose 88 percent, hitting its highest monthly volume of 2,882 contracts this year. October trading volumes helped DGCX Gold Futures increase its market share in Asia by 2 percent, reinforcing its status as one of the highest traded gold futures contract in Asia. Gary Anderson, Chief Executive Officer, DGCX, said, "The precious metals sector, especially gold, continues to be a key focus of the Exchange's strategic product portfolio expansion plans. The imminent launch of our spot gold contract will strengthen the Exchange's precious metal product offering. With almost a quarter of all physical gold traded globally passing through Dubai, we believe there is a very strong market for a spot gold contract. Such a contract will not only help merchants enhance price risk management and profitability, it will also enhance liquidity in the gold market by removing the need for offshore credit and collateral for gold trading." Currencies also saw significant year-to-date growth, up 63 percent at the end of October from the same period in 2012. Indian Rupee Futures saw an increase of 50 percent in year-to-date trading, reaching 10.44 million contracts at October-end. DGCX Indian Rupee Futures continues to be the highest traded offshore Rupee futures contract in the world. The contract's market share in global Rupee futures trading stood at 33.69 percent in October, significantly above all other exchanges offering offshore trading in the contract. Another highlight of October trading was the strong growth of the SENSEX Futures. The contract achieved several highs in October including the biggest monthly volume with 12,847 contracts and largest monthly value of US$ 264.85 million. Volumes in SENSEX futures saw an increase of 85 percent from last month. Among other contracts, WTI futures saw a month-on-month increase of 111 percent, recording its highest volume of 2,603 contracts in 2013.

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