By  Paul Ploumis 03 Aug 2015  Last updated at  08:25:37 GMT

ABU DHABI (Scrap Monster): The Dubai Gold and Commodities Exchange (DGCX) registered significant growth in traded volumes during the initial seven-month period of the current year. The total traded contracts totaled around 7.5 million, substantially higher by 11% when compared with the corresponding period last year.

The average daily volumes (ADV) of the exchange during July this year stood at 49,673 contracts a day, 15% higher when matched with the ADV during July last year. The average monthly Open Interest (OI) during July this year touched new record of 78,391 contracts, beating the earlier record of 59,688 contracts registered during March this year. The strong performance of the newly launched Quanto products helped to drive OI volumes during the month.

The recently launched Quanto products on Indian gold and Indian rupee contributed almost 13% of the Exchange’s traded volumes. Indian Rupee Futures continued to outperform, retaining its position as the largest Exchange Traded Derivative (ETD) product globally. The Indian Rupee Futures recorded substantial growth of 13% from last year. Overall currency segment registered 22% growth in YTD volumes when matched with the previous year.

Gaurang Desai, Interim of CEO of DGCX stated that the Exchange has reported another month of exceptional performance after reporting 11% jump in volumes during H1 2015. The Exchange noticed increased participation in the newly launched Quanto products, he noted. He further stated that the Exchange would expand its customer base and global reach by introducing more products relevant to investors. The exchange aims to become a key player in the region’s derivatives market by launching new contracts in currency, hydrocarbon, precious metals, equity and agricultural segments during the latter half of the year.