Dubai Gold and Commodities Exchange (DGCX) recorded a robust month of trading activity with total trade value of $44.68 billion. July volumes registered a significant growth of 55 percent over the same period last year. DGCX's currency segment continued to contribute a significant share of volumes, recording a year-on-year (YOY) growth of 61 percent with 1,450,041 contracts traded. Currency volumes were primarily driven by Indian rupee (INR) futures, with the contract recording its highest ever monthly volume – trading 1,252,965 contracts in July, a 40 percent growth over the same period last year. Trading in other currency pairs such as in euro and yen were also increased substantially. Total year to date (YTD) volumes rose by 91 percent with the Exchange having traded a total of 9,209,767 contracts in 2013. Volumes in INR futures have grown 84 percent from last year. Both euro and yen futures have also registered strong year-to-date performances, surging 266 percent and 78 percent. DGCX's precious metals segment also performed well in July, with volumes in gold futures rising 16 percent from June to 34,414 contracts. Silver futures also grew 150 percent from the previous month. Gary Anderson, CEO of DGCX, said “continued growth on the Exchange – despite the traditionally slower period of the holy month of Ramadan highlights the continued and growing demand for DGCX's products and services in the region. The consistently robust performance of INR futures in particular is testament to DGCX's ability to provide international investors with a safe, liquid and regulated environment to hedge their rupee fluctuation risks offshore. With significant interest coming from retail and international institutional participants for emerging markets contracts, the continued development of a strong offshore platform for emerging markets trading remains a key strategic focus for the Exchange. The launch of the MINI Indian Rupee Futures and Sensex Futures earlier this year were very much part of this strategy and we continue to investigate similar opportunities in close consultations with our members.” Another notable performance in July was that of DGCX WTI Crude Oil futures, which saw an 86 percent month-on-month and a 51 percent year-on-year rise in July. – SG
