UNITED ARAB EMIRATES June 05 2014 3:48 PM

DUBAI (Scrap Register): Dubai Gold and Commodities Exchange (DGCX) gold futures registered trade of 49,194 contracts during May this year, growing 24% month-on-month and 9% year-on-year.

May total trading volumes on the DGCX recorded a robust growth of 24% from previous month , aggregating 1,017,991 contracts, valued at US$ 31.5 billion.

The currency segment was the key driver of volume growth, trading 923,491 contracts to record a month-on-month increase of 22%. Among the currency pairs, Indian Rupee Futures grew 25% from last month, trading 809,285 contracts. Mini Indian Rupee futures traded 105,421 contracts, registering an uptick of 4%.

Volumes on SENXEX Futures rose significantly by 206%, trading 35,317 contracts. The contract also recorded its highest ever daily volume of 7,744 Contracts on May 9, 2014.

Gary Anderson, CEO of DGCX said: “The heightened trading activity on DGCX, especially with the performance of some of the Exchange's key contracts such as Gold, Indian Rupee and SENSEX, signifies the growing interest from market participants in using our diversified portfolio of derivative products to hedge against unpredictable price movements . As part of our strategic product plan, we are continuing to explore the introduction of new futures contracts in Emerging Market currencies and select commodities.”

Average daily volumes on the Exchange grew 19% from the previous month to trade 46,272 contracts per day.