Dubai DGCX’s banner March – Gold trading up 32%, Euro futures up 65%

The gold contract’s exceptional performance saw DGCX’s overall precious metals segment registering year-on-year growth of 38%

The Dubai Gold & Commodities Exchange (DGCX) reported some very strong numbers today with gold futures up 38% for March from the previous year, Euro futures also saw a spike.Total volumes in March increased 2% from the previous month to aggregate 1,023,410 contracts, valued at USD 30.15 billion. The growth in March enabled the Exchange’s first quarter volumes to cross three million contracts.

Gary Anderson, CEO of DGCX said: “The surge in Gold futures volume reflects the steadily increasing interest the contract has seen from global traders over the last few years. The Exchange’s flagship contract provides an effective hedging mechanism that is particularly valuable to gold markets in Asian hubs like Singapore, which have substantial gold trading links with Dubai.” With the enhanced reputation and liquidity in the Dubai exchange since its launch, a nice niche reputation is being built up for the DGCX within the region, especially on specific contracts such as gold and the INR.

He further noted: “We will also launch a Spot Gold contract in June this year which will complement our existing gold futures to create a larger gold ecosystem in Dubai. Once launched, we believe the DGCX Spot Gold contract will add significant value to local physical market participants since it fills the gap for a physically delivered contract.”

Among other contracts, Copper futures registered 3,435 contracts while Silver futures traded 4,087 contracts. Growth highlights in the currency segment included Euro futures, which rose by 66%, and Indian Rupee Mini and Yen futures that grew by 2% and 3% respectively from the previous month. DGCX’s newest contract, Plastics futures, traded 1,950 contracts in March.

In the Exchange’s energy segment, DGCX WTI futures contract was the key driver, with a year-on-year increase of 114%. Both Euro and Indian Rupee Mini Futures recorded their second highest Average Daily Open Interest of 1,806 and 6,016 contracts respectively in March 2014.

For more on the global Forex industry see the LeapRate-Dow Jones Forex Industry Report.


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