Financial Daily from THE HINDU group of publications
Saturday, Apr 22, 2006
Financial Daily from THE HINDU group of publications Saturday, Apr 22, 2006 |
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Agri-Biz & Commodities
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Commodity Exchanges DGCX completes 100 days of trading Vimala Vasan
Abu Dhabi , April 21 The Dubai Gold and Commodities Exchange (DGCX) has completed 100 days of trading and has crossed several milestones during this period. The growth in volumes, with sharply increasing trades, the successful introduction of silver futures contract and increasing market participation are some of its major accomplishments.
Sharp rise
From the trading of 1,151 gold futures contracts in November 2005, volumes soared to 40893 contracts in March 2006. Since January, volumes have witnessed triple digit growth - rising by 153 per cent in February and 149 per cent in March respectively. . On an average, 1881 gold futures contracts have been traded per day in the current month.
Impressive volumes
The silver futures contracts that started trading from March 28have also churned out impressive volumes. In the first four days of trading, a volume of 3052 contracts was registered giving an average of 763 contracts per day. In the eleven trading days in April, the volume has vaulted to 13,702 contracts. In value terms, 91,164 kg of gold valued at $1.65 billion has been traded on the exchange. Silver (502,620 kg) valued at $207.36 million has been traded in less than a month. Over $1.85 billion worth of precious metals have been traded on the exchange since its inception.
More Stories on : Commodity Exchanges | Gold & Silver
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