Volumes on Dubai Gold & Commodities Exchange (DGCX) reached an all time high in July of 186,842 contracts, valued in excess of US$12 billion, an increase of 227% over July 2007.
Total year-to-date (January-July) volumes were up 56% over the previous year, with 821,388 contracts traded with a value of US$ 43.3 billion.
“Interest in derivatives is certainly gaining ground in the region, as evidenced by the growing trade on DGCX,” Malcolm Wall Morris, Chief Executive Officer (CEO), DGCX said. “Growth has also been supported by the recent introduction of Crude Oil futures which has attracted substantial interest from the region and beyond. The addition of Crude Oil to our already strong markets in Precious Metals and Currencies has highlighted our commitment to providing our customers with a broad portfolio of products with which to manage their price risk.” he added.
Gold volumes increased by 167% to 109,289 contracts in July as compared to the corresponding period last year. In the currencies segment the Euro, British Pound and Yen all showed strong growth recording increases of 740%, 43% and 26% respectively when compared to the same period last year.
Average Daily Volume stood at 8,492 in July, up by 227% as compared to the same period last year.