Dubai, Oct 13 (IANS/WAM) The year-to-date volumes on the Dubai Gold and Commodities Exchange (DGCX) registered a growth of 69 percent over last year, with a total of 11,357,329 contracts traded until the end of the third quarter of 2013.
The growth was supported by a 2 percent year-on-year rise in monthly volumes in September, which saw 988,269 contracts worth USD 28 billion being traded.
DGCX’s precious metals segment was a key performer in September.
Volumes in gold futures climbed 23 percent from last month, driven by increased price volatility in precious metals. Silver futures grew 53 percent from August.
Year-to-date volumes in currency futures surged 77 percent from the same period last year with Indian rupee futures, yen futures and euro futures registering growths of 62 percent, 72 percent and 74 percent, respectively.
Mini Indian rupee futures grew 15 percent from the previous month.
“DGCX gold futures provide an exceptional tool for hedging gold price risk exposure in volatile environments allowing participants to profit, whichever direction the market moves,” Gary Anderson, CEO of DGCX, said.
“September has seen increased price volatility in the precious metal driven by US economic uncertainty, regional geo-political events, and the upcoming festive season in India, one of the world’s largest gold consumers,” he added.
–IANS/WAM
ab/dg