Total volume on Dubai Gold & Commodities Exchange (DGCX) reached a record 158,074 contracts in May, the highest monthly volume achieved in 2009. With an underlying value of $7.5 billion, May volumes reflect a year-on-year increase of 77 percent. The volume exceeded the previous high of 101,215 contracts achieved in March 2009 and was mainly driven by renewed interest in DGCX Gold, WTI and Indian Rupee/Dollar futures contracts. The year-on-year growth in Average Daily Volume was 85 percent. Gold futures volume rose to 67,752 contracts in May, up 31 percent on the same period last year, while Indian rupee and WTI crude oil futures achieved record monthly volumes of 10,649 and 55,253 contracts in May. The higher volume in May is evidence of a growing number of local participants favoring the commodity and currency sectors as alternative asset classes and the transparent, secure trading environment of DGCX, said Malcolm Wall Morris, chief executive officer, DGCX. “So far, the year has witnessed new volume records for specific products, such as euro/dollar and WTI crude oil. But May saw total volume hitting a new high for the year, encouraged by sustained activity across all product segments. The trend reaffirms strong interest in commodity and currency derivatives in the region,” he added. While precious metals gained momentum, currencies have also contributed significantly to overall growth, with year-to-date volumes rising 46 percent. Overall, May volume was 61 percent higher compared with April, spurred by a 46 percent increase in gold, 47 percent in GBP/dollar and 179 percent in Indian rupee/dollar futures. Dubai Gold and Commodities Exchange (DGCX) is a fully automated, online commodities exchange.
