FINANCIAL NEWS

Dubai GCX’ traded contracts soar 110% in 2011

05 Jan 2012

(MENAFN) Dubai Gold and Commodities Exchange’s (DGCX) CEO, Stephen Gaterell, said that in 2011, the volume of contracts registered at the DGCX surged 110 percent from the previous year to nearly 4,044,138 contracts, with a value of USD185.13 billion, reported Arab News.

Gaterell added that 88 percent of total contracts in 2011 were currencies, driving the majority of volume growth on the exchange, adding that currency contracts hiked 177 percent from 2010 to reach 3,567,609 contracts, whereas precious metals represented the remaining 11 percent of total volumes, with 443,889 contracts.

He also said that last month, traded contracts at DGCX soared 152 percent from 2010’s same period to 414,729 contracts, valued at USD16.104 billion, with currency contracts increasing by 239 percent form the previous year to 405,338 contracts.

It is worth noting that since 2005, when it was launched, the exchange has traded around 10 million contracts, with a value of USD476 billion.

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