DGCX sets new monthly volume record for 2009

IN FASHION: Dubai Gold & Commodities Exchange sees record monthly volume for the year. (Getty Images - for illustrative purposes only)

Total volume on the Dubai Gold & Commodities Exchange (DGCX) reached a record 158,074 contracts in May - the highest monthly volume achieved in 2009 so far.

With an underlying value of $7.5 billion, May volumes reflect a year-on-year increase of 77%. 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%.

Gold futures volume rose to 67,752 contracts in May, up 31% 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 respectively.

“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,” according to Malcolm Wall Morris, CEO, DGCX.

While precious metals gained momentum, currencies have also contributed significantly to overall growth, with year-to-date volumes rising 46%.

Overall, May volume was 61% higher compared with April, spurred by a 46% increase in Gold, 47% in GBP/Dollar and 179% in Indian Rupee/Dollar futures.

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