Trading volumes on the Dubai Gold and Commodities Exchange (DGCX) have surpassed one million for the year to 13 July, the quickest it has reached this level in any year since the exchange was established in 2005.

Volumes stood at 1,006,485 contracts on 13 July, representing a total value of $58bn and a 48 per cent increase on the year-to-date volume of 678,716 contracts achieved within the same period last year.  

Higher volumes in 2010 have been driven by a price rally and subsequent demand for precious metals, currencies and energy. In February 2009 oil hit a low of under $35 a barrel, but had recovered by mid-July to trade at around $75 a barrel.

“Topping the one million contracts mark in just over six months is further evidence of the growing demand for both currency and commodity derivatives this year,” says Eric Hasham, chief executive of DGCX.

Trading on the DGCX has also hit an all-time monthly high of 192,138 contracts in June 2010, surpassing the previous peak reached in November 2009.