Reflecting strong year-on-year growth, volume on Dubai Gold & Commodities Exchange (DGCX) rose 19 percent in June, led by higher interest in currency and crude oil futures. The exchange traded 162,969 contracts in June, valued at $8.5 billion. The year on year growth in total volume was largely driven by British pound/dollar, Indian rupee/dollar and WTI crude oil futures contracts. However, gold futures volume retained the top spot in June, accounting for the highest number of contracts traded. Trading in British pound/dollar and Indian rupee/dollar rose by 65 percent and 652 percent respectively in June compared with the same period last year. Average daily volume for the month of June stood at 7,407 contracts, an increase of 14 percent on last year. The merits of trading derivatives in the region have assumed greater significance amid the continued price volatility in commodities.
