Dubai exchange gold futures value up 68 pct in May


11 June 2006


DUBAI - The value of gold futures traded on Dubai’s new commodities exchange in May rose 68 percent to $1.34 billion, compared with April, the exchange said.

Dubai Gold and Commodities Exchange (DGCX) said the number of gold and silver futures contracts traded rose nearly 24 percent to 79,660 in May versus April.

The total value of gold futures traded on DGCX since its inception in Nov. 22, 2005, now stands at $3.4 billion, it said in a statement received on Sunday.

DGCX, which is planning to introduce fuel oil and steel contracts in September, will launch the Middle East’s first currency futures on Monday to tap growing demand for currency hedging in the region’s trading hub.

The deliverable euro-dollar, yen-dollar and sterling-dollar contracts will be listed on the exchange, which may introduce more contracts later.