Volume on Dubai Gold & Commodities Exchange (DGCX) recorded a 30% month-on-month increase in May, but a year-on-year decline of 12%, with 139,565 contracts traded, valued at US$ 7.64 billion. Of the total volume, 79,889 contracts were traded in DGCX currency futures, an increase of 128% on last year.
May volumes grew in comparison to the previous month. Gold, Silver and WTI crude oil futures traded 43,525, 5,446 and 10,705 contracts, a rise of 40%, 119% and 63% respectively. Euro/Dollar and Sterling/Dollar also witnessed month-on-month increases of 68% and 7% respectively, with 39,787 and 24,903 contracts traded. The slight decline in May compared with the same period last year was due to lower volumes in gold and WTI crude oil futures.
Eric Hasham, Chief Executive Officer, DGCX, said, “The higher volume in May compared with the previous month demonstrates the momentum that we have achieved to date this year in attracting more trading activity and participants to the exchange. It is evidence of sustained interest in DGCX as a platform for hedging and investment. This has been especially evident during recent volatility in the commodity and currency markets. As part of our efforts to expand our product offering and meet client’s requirements, DGCX is set to launch three new currency contracts this month.”
DGCX will launch the Australian Dollar/US Dollar, Canadian Dollar/US Dollar and Swiss Franc/US Dollar on June 15, 2010. The Exchange recorded growth of 58% in year-to-date volume at 742,265 contracts, driven by a YTD rise of 132% in currency futures trading.