Friday 6 December 2019

Dubai gold futures surge 111pc

Dubai, July 4, 2012

Dubai Gold and Commodities Exchange (DGCX) said the gold futures, its flagship product, grew 111 per cent in June to hit 60,353 contracts driven by significant surges in gold and Indian Rupee futures trading.

The exchange also registered its fourth consecutive monthly volumes record with a 231 per cent jump over last year to reach 889,131 contracts valued at $32.92 billion.

DGCX ended the first half with year-to-date volumes of 3,848,002 contracts, a substantial rise of 172 per cent from the previous year.

Average daily volume (ADV) in the first half of the year stood at 29,829 contracts, a 167 per cent increase year-on-year.

Gold futures posted solid growth to aggregate 60,353 contracts. Heightened volatility and recent contract changes introduced by the exchange were the key drivers of Gold futures growth.

Commenting on the growth, CEO Gary Anderson said, "We are delighted to have ended the first half of the year on a high note. The expansion of our product portfolio, combined with our initiatives to expand liquidity, helped significantly boost the exchange's growth momentum this year."

"Over the first half, we introduced strategic contract changes and new market makers to catalyse increased trading in many of our existing products. We look forward to introducing new initiatives to further consolidate this growth," he added.

DGCX said its currency segment rose 248 per cent year-on-year to end the month at 804,554 contracts. Currency growth was led by Indian Rupee futures, which jumped 290 per cent from June last year, to reach 797,328 contracts.

Copper futures continued its robust performance, since its launch in April, to total 21,391 contracts in the month.-TradeArabia News Service

Tags: Dubai | DGCX | exchange | gold futures | INDIAN RUPEE |

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