The Dubai Gold and Commodities Exchange (DGCX) has published its March and Q1 trading volume figures. During the month, a total of 1,222,360 contracts were traded, worth $36 billion. The activity represented 32% month over month growth at the DGCX, and 19% above the same period last year. Overall during Q1, $97 billion of contracts were traded, 11% above Q4’s figures.
During March, the DGCX set several records, with Open Interest rising 73% from the same period in 2014 to an all-time high of 59,688 contracts. Similarly, Indian rupee options trading achieved record volumes during March. The record options volume came as Indian rupee futures contract volume totaled 1,026,331 contracts, it highest level since August 2013.
Along with growth in trading of the Indian currency, the DGCX also noted a strong performance in equity and hydrocarbon products trading. Elsewhere, Gold futures rose 14% compared to February to 33,080 contracts.
Despite widening its coverage to include additional currencies, overall trading volumes at the DGCX remain dominated by the Indian rupee. During March, Indian rupee futures accounted for 84% of contract volumes at the exchange.
In addition to launching new products, we are also working on further growing and expanding our community of members and participants: Gaurang Desai
Commenting on March and Q1 as well as the performance of Indian rupee related products, Gaurang Desai, Interim CEO of DGCX stated "We have had a strong first quarter this year, particularly with the performance of our Indian products and an all-time high Open Interest which is an important indicator of market confidence. This augurs well for sustained growth during the rest of the year and encourages us to further diversify our product portfolio with innovative contracts. In addition to launching new products, we are also working on further growing and expanding our community of members and participants."
