Rupee, gold drive new DGCX record

Driven by an increase in the Indian rupee and gold futures trading, the Dubai Gold and Commodities Exchange, or DGCX, registered a new daily volume high of 51,943 contracts last Wednesday, May 16. The new figure surpassed the previous best of 42,484 contracts set on May 9, 2012. The exchange also set a new daily value record, with $1.98 billion worth of contracts traded last Wednesday. The day also saw DGCX Indian rupee futures registering another daily volume record of 44,821 contracts on the back of increased trading in back-month contracts — contracts that have more than one month to expire and offer tighter spreads. Gold futures, another key contributor to the daily record, registered a volume of 3,755 contracts last Wednesday, driven by heightened trading activity set off by a spike in the price volatility of the precious metal. On May 9 DGCX gold futures achieved its highest daily volume of 6,068 contracts in 2012.