The trading volumes on the Dubai Gold and Commodities Exchange (DGCX) surged 28% when matched with the same month last year. The monthly trading volumes hit second highest levels of the year. The contracts traded on the exchange during October totaled 1,044,396.
The currency segment accounted for 93% of the total volume of trade with 978,169 contracts. The currency segment expanded 31% during Oct. 2014 in comparison with the previous year. The Indian Rupee futures contract and the newly launched mini Indian Rupee futures contract saw heavy volumes.
DGCX had launched four new Emerging Markets products during the month of October. This included two mini-Indian Rupee contracts and two new mini currency-pair futures contracts - Indian Rupee/British Pound and Indian Rupee/Euro. The trading in new contracts gathered good momentum during the month, which resulted in the tremendous rise in volumes. In addition to the launch of these four products, the exchange had also launched two MSCI India index contracts.
According to Gaurang Desai, Interim CEO, DGCX, the metal contracts performed well, growing by 10% over the year. Silver futures witnessed highest growth of 49% in average daily open interest. The exchange noted that market participants showed increased interest to trade in Indian Rupee future even during mid-October when high volatility was observed.
DGCX also announced that the launch of much awaited Spot Gold Contract will take place at the earliest.