Gold hold close to record peak
February volumes on the Dubai Gold and Commodities Exchange (DGCX) grew 17% year-on-year to reach 210,330 contracts, valued at $10.07 billion. Year-to-date volume in 2011 also increased 37% on 2010 levels to reach 454,715 contracts.
Average daily volume (ADV) in the month of February reached 11,070 contracts, the second month in a row that the ADV has remained above 11,000, demonstrating the strength of the demand for DGCX’s products.
Consistent with recent trends, DGCX currency futures were the mainstay of trading activity in February accounting for 82% of total volumes. Currency futures volumes increased 28 % on last year to 172,181 contracts. Indian Rupee futures volumes in February reached 149,126 contracts, a substantial increase from 7,796 contracts in the same month last year. On February 22, Indian Rupee futures registered a new daily volume record of 12,499 contracts worth US $551.55 million surpassing the previous daily high of 11,968 contracts achieved on January 5, 2011.
Australian Dollar, Canadian Dollar and Swiss Franc futures achieved volumes of 1,279, 244 and 1,050 contracts respectively while Euro/Dollar, Sterling/Dollar and Yen/Dollar saw volumes of 10,283, 9,405 and 794 contracts respectively.
DGCX Silver futures saw a strong rebound in February growing 67% on the previous month to reach 2,165 contracts. Gold declined 22% on last month to reach 31,122 contracts.
WTI crude oil futures increased 16% on last year to stand at 4,862 contracts. Year-to-date volumes of WTI crude also rose 23% to reach 10,456 contracts.