Dubai gold futures volume down 19pc
The volume of gold futures traded on the Dubai Gold and Commodities Exchange (DGCX) fell 19 percent in March as price volatility in international markets prompted investor caution, the bourse said yesterday. DGCX traded 77,996 gold futures contracts in March, down from 96,099 contracts the previous month, it said in a statement to Reuters.
Total volumes of all contracts—commodities and currencies – traded on DGCX in March stood at 96,192 contracts, up 12 percent from the same period last year, and down 18 percent from the previous month, DGCX said. Gold fell yesterday after erasing overnight gains, as the dollar’s recovery against key currencies lowered the metal’s appeal as an alternative investment.
Spot gold rose as high as $889.10 an ounce and was quoted at $881.95/882.95 at 1020 GMT, against $886.30/888.30 in New York late on Friday, when it hit a 10-day high of $889.80. The precious metal slipped below $900 in April and has since shown little resilience. It hit a record high of $1,030.80 in March.
Dubai launched the region’s first gold futures exchange in 2005 as the economies of Gulf Arab nations boomed on oil income. Total open interest for gold as of March 31 stood at 1,877 contracts, down from 3,894 contracts on Feb. 29, the bourse said.
Dubai is a long-established market for gold bullion as well as wholesale and retail jewellery. Trade has benefited from strong demand from the Arab world and proximity to India.
The average number of gold contracts traded per day stood at 3,900 in March, compared to 4,576 in the previous month, the exchange said.
/Peninsula Online/
Total volumes of all contracts—commodities and currencies – traded on DGCX in March stood at 96,192 contracts, up 12 percent from the same period last year, and down 18 percent from the previous month, DGCX said. Gold fell yesterday after erasing overnight gains, as the dollar’s recovery against key currencies lowered the metal’s appeal as an alternative investment.
Spot gold rose as high as $889.10 an ounce and was quoted at $881.95/882.95 at 1020 GMT, against $886.30/888.30 in New York late on Friday, when it hit a 10-day high of $889.80. The precious metal slipped below $900 in April and has since shown little resilience. It hit a record high of $1,030.80 in March.
Dubai launched the region’s first gold futures exchange in 2005 as the economies of Gulf Arab nations boomed on oil income. Total open interest for gold as of March 31 stood at 1,877 contracts, down from 3,894 contracts on Feb. 29, the bourse said.
Dubai is a long-established market for gold bullion as well as wholesale and retail jewellery. Trade has benefited from strong demand from the Arab world and proximity to India.
The average number of gold contracts traded per day stood at 3,900 in March, compared to 4,576 in the previous month, the exchange said.
/Peninsula Online/
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