Monday, 6th February 2006 (4456 views)

The Dubai Gold and Commodities Exchange (DGCX) enjoyed a blistering second month of gold trading, new figures reveal.

Over 13,000 kilos of gold futures contracts have been traded on the DGCX since it was launched on November 22nd as activity in January picked up sharply.

Some 6,475 kilos were traded during January, up 17 per cent on December, despite there being three less trading days.

In value terms, the increase was even more impressive.

Some $115,09 million worth of gold changed hands in January compared to just $90.67 million in December, as the number of members permitted to trade leapt from 54 to 65.

Although partly due to soaring gold prices, the DGCX also attributes the impressive performance to its efficient clearance and settlement process.

"The average daily value of $6.39 million in January 2006 signifies the robustness of the risk management system and efficient clearing and settlement process put in place by the exchange through its two clearing banks National Bank of Dubai and HSBC," a statement read.

The DGCX trades six gold futures contracts. The near month contract – which expires in February 2006 – proved the most popular last month.

Organisers hope the exchange will sit alongside the world's other major commodities hubs, such as London, Chicago and Tokyo.

 

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