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DGCX set a new record yesterday for the highest number of contracts traded per day since inception. A total of 7634 contracts valued at $206.76 million were traded surpassing the previous record of 6954 contracts achieved on January 3, 2007. The gold futures traded on the Exchange clocked their highest-ever traded volume in a day at 6988 contracts. Precious metals closed lower on Tuesday marking a pause to the ongoing rally on concerns that China's demand for commodities may weaken and as US stocks logged their biggest one-day loss in more than five years. Gold futures ended the day with a loss of 1.46% while silver followed suit and edged lower with a loss of 0.91% for the day. In the Forex markets, the US dollar declined against the major currencies following a more than 500-point drop in the Dow Jones Industrial Average.
Trading for the new week began on a tame note as DGCX April 2007 gold futures contract opened at $689.40/troy oz, lower by 80 cents as compared to its previous close. Prices then climbed to an intraday high of $691.90 before witnessing a setback and reaching a low of $676.70. Towards the end of the session, the contract staged a partial recovery and settled for the day at $680.10/troy oz – churning in a loss of $10.10 or 1.46%. Open positions in the April series plummeted by 616 contracts and ended the day at 1871. DGCX June delivery gold contract opened at $693.50/troy oz and tacked an intraday high of $698 before falling to a low of $684.80. The contract rounded off the day at $687.20/troy oz, recording a loss of $9.10/troy oz. DGCX July 2007 delivery silver contract followed the weakness in gold prices and shed 13.50 cents or 0.91% from its previous close and settled at $14.77/troy oz.
In the currency market segment, a massive US stock market meltdown affected the greenback and pushed it lower against the major currencies. The DGCX Euro contract dated March opened at $1.3190/Euro which incidentally remained its lowest traded level for the day. Thereafter, the contract tacked an intraday high of $1.3270 before concluding the session at $1.3250/Euro, up by 0.52%. DGCX GBP contract for March ’07 started the session at $1.9637/GBP and slipped to a session low of $1.9594 before scaling an intraday high of $1.9670. The contract finally settled for the day at $1.9633/GBP, logging in a gain of 0.04%. DGCX March dated Yen futures climbed higher by a massive 1.67% against the USD and the contract settled for the day at an exchange rate of $0.8450 for 100 Yen.
DGCX Fujairah Fuel Oil contract dated March 2007 moved higher by $1 from its previous close and settled for today’s session at $294.05/metric ton.
In the US energy markets, crude oil futures for April delivery finished the regular session with a gain of 7 cents at $61.46 a barrel.
