Wednesday, 8th March 2006 (3203 views)

The fledgling Dubai Gold and Commodities Exchange (DGCX) continues to make headway as it posted a 154 per cent monthly increase in gold trading in February.

The exchange debuted on November 22nd last year and has seen activity increase exponentially each month.

Some 16,421 kilograms of gold futures changed hands last month, up from the 6,475 kilograms traded in January.

The average number of contracts traded per day also vaulted from 360 to 821, with a new record of 1,416 set on February 21st.

The DGCX is rapidly earning a reputation as a viable gold trading hub, with $517.48 million of gold futures having changed hands since its inception.

Just as in January, near month contracts proved the most popular of the six gold futures contracts listed on the exchange, with more than 14,000 April 2006 contracts traded in February.

It is hoped the exchange will rival the world's other major commodities hubs, such as London, Chicago and Tokyo.

 

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