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Thursday, 7th May 2009 (1415 views)

Gold trading increased sharply during April in Dubai, according to new figures.

The Dubai Gold & Commodities Exchange (DGCX) revealed that year-on-year volumes in April rose by 14 per cent, boosted by high levels of gold trading.

Volumes for gold futures jumped by 173 per cent compared with April 2008, valued at $1.3 billion (£861 million).

A total of 98,322 contracts, worth $4.4 billion, were traded during the month, a total average daily volume of 4,682.

Malcolm Wall Morris, DGCX chief executive, commented: "The well-balanced and diversified offering of DGCX across the distinct product segments of precious metals, energy and currencies has supported year to date volume growth."

An initiative of the Dubai Multi Commodities Centre, Financial Technologies (India) and Multi Commodity Exchange of India, DGCX is an online international commodity derivatives marketplace located in Dubai.

Meanwhile, commodity analyst Adrian Douglas has claimed that JPMorgan Chase and Goldman Sachs have been buying large quantities of gold call option contracts, according to Numismaster.

 

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