Dubai Gold & Commodities Exchange (DGCX) today said volumes for the first month of this year had started on an encouraging note despite the challenging global economic environment, with overall volumes in January growing 33% on the previous month.
Gold and currency futures emerged as the key drivers of volume for the month, taking volumes to 38,366 contracts in January 2009 compared with 28,772 contracts in December 2008. Average Daily Volume in January was 1,827 contracts, 21% above the previous month.
The Exchange’s strategy of offering a diversified product portfolio has paid off, said Nishat Bandali, Chief Marketing Officer, DGCX. “The positive trend in January volumes indicates a fair start to this year.”
Bandali added that given the current economic climate, market participants are more inclined to transact derivatives on DGCX, in order to reduce counterparty credit risk. “Operating the region’s sole commodity and currency derivatives clearing house, DGCX is well positioned to meet this trend”.
