DGCX volumes surge 69pc in Q3
Dubai, October 13, 2013
The Dubai Gold and Commodities Exchange (DGCX) has registered a 69 per cent growth in its year-to-date volumes traded in the third quarter which rose to 11.35 million contracts compared to last year.
The growth was supported by a two per cent year-on-year rise in monthly volumes in September, which saw 988,269 contracts worth $28 billion being traded, said a statement from DGCX.
The Dubai exchange said the precious metals segment was a key performer in September. "The volumes in gold futures climbed 23 per cent from last month, driven by increased price volatility in precious metals, while silver futures grew 53 per cent from August," it stated.
The year-to-date volumes in currency futures surged 77 per cent from the same period last year with Indian Rupee Futures, Yen futures and Euro Futures registering a growth of 62 per cent, 72 per cent and 74 per cent respectively. Mini INR futures grew 15 per cent from the previous month.
Commenting on the performance, CEO Gary Anderson said, "DGCX Gold futures provide an exceptional tool for hedging gold price risk exposure in volatile environments allowing participants to profit,whichever direction the market moves."
September, he said, has seen increased price volatility in the precious metal driven by US economic uncertainty; regional geo-political events; and the upcoming festive season in India, one of the world’s largest gold consumers.
"The Exchange offers market participants a highly supportive, regulated risk-free environment for trading Gold futures," it added.
The other contracts that showed strong growth in September included Australian Dollar/US Dollar futures and Canadian Dollar/US Dollar futures, which grew 114 per cent and 22 per cent respectively from the previous month.-TradeArabia News Service