Dubai Gold & Commodities Exchange records 30% trading increase

03/06/2010 - Dubai Investment News
Dubai Gold & Commodities Exchange records 30% trading increase

Posted by Neil King

The Dubai Gold & Commodities Exchange (DGCX) recorded a 30 per cent month-on-month trading increase in May, new figures show.

According to the data, the exchange saw 139,565 contracts traded in the month, valued at US$ 7.64 billion.

Of the total volume, 79,889 contracts were traded in DGCX currency futures, an increase of 128 per cent on last year.

May volumes grew in comparison to the previous month, with gold, silver and WTI crude oil futures trading 43,525, 5,446 and 10,705 contracts - a rise of 40 per cent, 119 per cent and 63 per cent respectively.

Euro/Dollar and Sterling/Dollar also witnessed month-on-month increases of 68 per cent and seven per cent respectively, with 39,787 and 24,903 contracts traded.

"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," said Eric Hasham, chief executive officer at DGCX.

It was also reported this week that Dubai's Department of Economic Development (DED) issued 1,393 business licenses in April 2010 - a 61 per cent increase on the same month last year.ADNFCR-2019-ID-19817148-ADNFCR