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Glowing start for gold

The Dubai Gold & Commodities exchange (DGCX) achieved a robust start to 2011, with a record volume of 244,385 contracts, valued at $11.7bn in the first month of the year. That was the highest ever monthly volume activity for the exchange since inception in 2005.

It was driven by strong member participation in currency, gold and crude oil futures, recording volumes of 197,511, 39,987 and 5,594 contracts respectively in January.

As a result of increasingly high volumes and consistent member participation over the last year, the average daily volume fi gure has now reached 11,637, an increase of 51 per cent compared with the same period last year. at the start of 2010, average daily volume was 7,687.

“I am delighted that DGCX has commenced 2011 with such strong momentum,” said eric hasham, chief executive officer, DGCX. “We have worked hard with our membership base over the past year to grow market participation. The record monthly volume in January demonstrates the demand for currency and commodity hedging and trading tools in the Middle East. It is a very positive and encouraging indication for the year ahead.”

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