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Dubai gold futures market posts record trading volumes

Xinhua, January 12, 2016 Adjust font size:

The Dubai Gold and Commodities Exchange (DGCX) said Monday it closed 2015 with record-breaking trading volumes of over 14.5 million contracts, an increase of 23 percent year-on-year.

Gaurang Desai, CEO of DGCX, said in an e-mailed statement that "With record-high trading volumes and the launch of our Spot Gold Contract in 2015, DGCX is currently the Middle East's leading derivatives bourse."

Founded in 2005, the DGCX is the sole international market with respect to regulatory standards for financial derivatives such as options and futures for commodities, precious metals and currencies.

In December, DGCX launched its Chinese Yuan futures contracts. These derivatives will further facilitate development of the Chinese currency market, enabling traders to track Yuan price returns whilst settling in U.S. dollars.

The United Arab Emirates (UAE) and China announced they renewed a 5.42 billion U.S. dollars currency swap deal in December as well.

The UAE signed an agreement with China to set up a clearing hub for China's Yuan currency in the same month.

For the first time, December also witnessed the opening of the DGCX for Dubai Spot Gold contracts, which enables investors to physically buy and sell 1 kg bars. The bourse said Spot Gold Contract successfully completed its inaugural physical delivery cycle.

The DGCX introduced a total of seven new contracts in 2015 including three futures contracts in the Indian Rupee, India Gold and India Silver.

For the coming period, Gaurang said the market is prepared to augment and develop its commodities trading platform "so market participants can trade effectively and with increased confidence." Endit