Monthly figures released by DGCX (Dubai Gold and Commodities Exchange) reveal a 30% rise in metal trades compared to October last year, with 58,596 metal trades compared to 45,022 during the same month in 2014.
The figures also show that Gold Quanto Futures recorded DGCX’s highest October monthly volumes and value, with 27,088 contracts traded, and worth a total of US$ 728million.
Indian Rupee Quanto Futures recorded its second highest average daily Open Interest, with 54,349 contracts traded in October 2015. With demand expected to remain high in the run-up to Diwali, the figures underline the huge demand for precious metals.
Overall, the month of October has been particularly active for DGCX. It launched an Indian Silver Quanto futures contract and a Mini-sized WTI Futures contract that began trading on Friday, October 9, with performance so far at 2,065 and 1,145 contracts traded respectively. October also saw DGCX announce collaboration with the Pakistan Mercantile Exchange (PMEX), creating a forum to share information and bridge connections between the financial markets of Pakistan and the UAE.
The announcement of October’s results closely follows a record-breaking Q3 performance for DGCX. DGCX’s trading volumes in Q3 2015 grew 36% from Q2, trading a total of 4,142,368 contracts. The Exchange also saw a year-on-year increase of 29%, trading 1,461,264 contracts in September 2015.
Gaurang Desai, Chief Executive Officer of DGCX, said: “It is a dynamic time for precious metals at this time of the year – indeed, October’s gold performance has broken all records at DGCX. With a strong and deep-rooted cultural link to gold during Diwali, we expect to see volumes continue increasing, especially with Indian traders. We are proud to be their Exchange of choice, providing them with highly regulated platforms to hedge their assets safely.”
“On a wider level, we aim to provide regionally relevant products for global investors and globally relevant products for regional investors. Therefore it is especially important to highlight developments such as our collaboration with the PMEX. This brings us closer to regional markets, and extends our global outreach. We also introduced the Indian Silver Quanto and Mini WTI Futures product in October, showing we are committed to strengthening our portfolio and positioning DGCX as true pioneers when it comes to offering unique derivative products,” he he added.