The Dubai Gold and Commodities Exchange (DGCX) said Sunday it posted in May a monthly volume record of 1.4 million contracts, valued at 48.47 billion U.S. dollars, a 70 percent increase compared to the same month last year.

Gold prices dived in May by four percent to 1,400 dollars, but among precious metals, DGCX gold futures recorded a year-to-date growth of 16 percent, trading 227,953 contracts.

Among currency contracts, Indian Rupee, Euro and Yen futures witnessed year-to-date volume growth of 110 percent, 277 percent and 80 percent respectively from last year.

Currencies accounted for the lion share of the Exchange's May volumes, reaching an aggregate of 1,398,956 currency contracts, up 88 percent from the same month last year.

Gary Anderson, DGCX chief executive, said the volume growth witnessed by the market's newest contract, the Mini-Indian Rupee futures, was a "further testament to the ability of the Exchange to provide market participants with innovative products that meet their hedging and investment needs."

Dubai, also dubbed "city of gold," is a hub for thousands of Indian gold traders who import the yellow metal from Africa and export it to the sub-continent, one of the world's biggest consumer nations of gold.

The DGCX is the only market for derivatives by international standards in the time zone between Europe and East Asia.

Listed futures and options are usually quoted in dollars and the business language among the DGCX's trading members is English. Endi

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