The Dubai Gold & Commodities Exchange (DGCX) announced that total volume rose 300 per cent year-on-year to reach 153,747 contracts in January.

Valued at $9.19 billion, trading in January was led by stronger participation in currency and gold futures, which recorded volumes of 104,614 and 42,289 contracts respectively. Euro/Dollar, GBP/Dollar, Indian Rupee/Dollar and Yen/Dollar futures recorded volumes of 51,103; 31,072; 7,181 and 15,258 in January.

On January 29, the exchange recorded its second highest daily volume for currencies with 9,892 contracts, valued at $674 million. This was close to the record of 10,669 contracts achieved in August 2009.

“The performance in the first month of 2010 is testimony to the stronger demand and participation that we are witnessing for both commodity and currency derivatives,” said Eric Hasham, chief executive officer, DGCX.

“Volatility in commodities and currencies has continued into 2010, which is encouraging participants to tap into the hedging benefits offered by DGCX futures contracts.”

Total currency volume was 104,614 contracts in January, up 463 per cent on last year. Gold futures volume was 42,289 contracts, up 142 per cent on last year. WTI crude oil and silver futures were also up on last year, with volumes of 4,294 and 2,550 contracts.-TradeArabia News Service