DGCX volumes rise 117% on gold

An uptick in Gold and Indian Rupee Futures trading drove a 117% year-on-year growth in November trading volumes on the Dubai Gold and Commodities Exchange (DGCX). The Exchange registered 919,282 contracts in the November pushing 2012 year-to-date volumes to 8,700,951 contracts, a 140% increase from last year. DGCX Gold Futures, one of the Exchange\'s flagship products, grew a substantial 121% in November from the same month in 2011, registering 48,967 contracts. Trading in the contract has steadily gained momentum in recent months with the price of the precious metal experiencing severe volatility amidst global economic uncertainty. Gary Anderson, CEO of DGCX said: \"Over 2012, our Gold Futures contract has emerged as an important price benchmark for gold trading communities not only in the Middle East but in Asian trading hubs as well. DGCX Gold Futures provides an exceptional hedging and portfolio diversification tool in a volatile environment, allowing participants to both manage risk and profit from market movements.\" DGCX Indian Rupee futures continued to see brisk trading in November with monthly volumes touching 845,451 contracts, a growth of 123% from November 2011. Year-to-date volumes in the contract reached 7,810,935 contracts, up 180% from the same period last year. \"A growing number of institutions across the world that consume Indian Rupee liquidity are using the DGCX contract for hedging and investment purposes,\" said Anderson. Currencies drove a substantial part of DGCX\'s volumes growth in November, aggregating 853,408 contracts - an increase of 115% from the same month last year. Steep fluctuations in currencies resulting from global economic uncertainty have led investors to hedge exchange-rate risk on DGCX.