Dubai’s Leading Commodity Exchange is making gaining recognition as a liquid venue for Gold and Indian rupee trading. India, the words largest consumer of Gold, has substantial investments with Dubai and sharp movements in the precious metal have maintained continued growth in volumes. The same applies to the Indian rupee which has been hitting record lows against the Greenback on the back of inflation and spikes in commodity prices.
• July volumes rise 211% to record 965,637 contracts in July, valued at $35.8 billion
• Currency futures grow 223%, to reach 897,918 contracts
• Gold futures increase 104% to total 55,320 contracts
Gold and Rupee futures continued their strong run on the Dubai Gold and Commodities Exchange (DGCX) driving a 211% year-on-year increase in the Exchange’s volumes in July. Building on its robust performance in the first half of the year, DGCX recorded a total of 965,637 contracts in July, valued at $35.8 billion, its fifth consecutive monthly volumes record.
July volumes – a 9% increase from June – took the Exchange’s year-to-date volumes to 4,813,649 contracts, a 179% rise from the 1,728,213 contracts achieved in the same period in 2011.
Currency volumes in July surged 223% from last year to total 897,918 contracts. DGCX’s Indian Rupee futures was again the mainstay of currency growth, registering a year-on-year increase of 263% to aggregate 892,349 contracts this month. Among other currency contracts, Australian Dollar futures and Swiss Franc futures grew 49% and 24% from June respectively.
Meanwhile, DGCX Gold futures, one of the Exchange’s flagship contracts, saw a substantial year-on-year increase of 104% to end the month on 55,320 contracts. Year-to-date volumes for Gold futures reached 312,772 contracts, an 11% increase from the same period in 2011.
Gary Anderson, Chief Executive Officer, DGCX, said, “Over the first half of 2012, DGCX has actively sought to boost liquidity and volume in our key contracts by introducing contract changes and incentivizing market makers to provide better pricing. We are encouraged by the increased volumes that we have achieved as a result of these initiatives. We are also continuing to explore new products and services that along with our new state-of-the-art technology platform will better support the hedging and investment needs of a wide range of market participants in the region.”