Gold News

Dubai gold futures boom in January

Gold futures trading volumes rose by 95 per cent in Dubai last month, it has been revealed.

According to the Dubai Gold and Commodities Exchange (DGCX), January broke all of its previous records, with total traded contract value rising to some $4.3 billion - representing a rise of 130 per cent compared with the same month last year.

This apparent surge in investor confidence in gold bullion has also been recently reflected in figures from the Dubai Multi Commodities Centre (DMCC), which indicated that more than $100 million of financing has been secured via the Dubai Gold Receipt in the last eight months.

DGCX chief executive Malcolm Wall Morris commented: "The surge in activity in January marks a strong start to the new year.

"The rise in trading volumes is reflective of the recent rally in some commodities."

Last month, the DMCC announced that total gold trade through Dubai rose by 29 per cent in 2007 compared with last year - a further indication of the growing appetite for gold investment in the city.

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