November volumes on the Dubai Gold and Commodities Exchange, DGCX, grew 19 percent from the same period last year, trading 981,925 contracts, valued at US$28.5 billion.
DGCX’s flagship contract, Gold Futures, traded 46,066 contracts in November, recording a significant growth of 22 percent year-on-year and rising 39 percent from last month.
DGCX’s currency segment grew 18 percent year-on-year, accounting for 93 percent of the total monthly volume with 910,608 contracts traded. The Exchange also saw brisk trading on the new cross-currency Mini Indian Rupee Futures contracts in its first full month of trading in November. Mini INR Futures in British Pounds registered 1607 contracts while Mini INR Futures in Euros registered 2,391 contracts. DGCX Sensex Futures also recorded a 47 percent growth from last year.
Gaurang Desai, Interim CEO of DGCX, said, “The continued volume growth in Gold Futures reflects the growing interest from global traders in using the contract to effectively hedge against price fluctuations. This augurs well for the launch of our spot gold contract early next year. It is our constant endeavor to develop innovative products based on the requirements of our market participants and provide them with services and the infrastructure to trade seamlessly. We are looking to expand our Emerging Market portfolio with three new currency contracts in the immediate pipeline.”
Source : WAM News Agency for United Arab Emirates
