An uptick in gold and Indian rupee futures trading drove a 117 per cent year-on-year growth in November trading volumes on the Dubai Gold and Commodities Exchange (DGCX).
The Exchange registered 919,282 contracts in the November pushing 2012 year-to-date volumes to 8,700,951 contracts, a 140 per cent increase from last year.
DGCX Gold Futures, one of the Exchange’s flagship products, grew a substantial 121 per cent in November from the same month in 2011, registering 48,967 contracts. Trading in the contract has steadily gained momentum in recent months with the price of the precious metal experiencing severe volatility amidst global economic uncertainty.
Gary Anderson, CEO of DGCX said: “Over 2012, our Gold Futures contract has emerged as an important price benchmark for gold trading communities not only in the Middle East but in Asian trading hubs as well. DGCX Gold Futures provides an exceptional hedging and portfolio diversification tool in a volatile environment, allowing participants to both manage risk and profit from market movements.”
DGCX Indian rupee futures continued to see brisk trading in November with monthly volumes touching 845,451 contracts, a growth of 123 per cent from November 2011.
From Gulf Today