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Silver future launching in Dubai pick up trading volumes |
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3/31/2006 1:32:20 PM |
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Dubai: Trading activity gathered momentum after the begining of silver future trading on the Dubai Gold and Commodities Exchange, pushing up the precious metals to about 25 year high levels.
The DGCX launching the Middle East's first silver futures contract, five months after launching a gold futures contract picked up the trading volumes to some extent.
Gold rose above 25-year High while Silver traded at 23-Year High in the London markets Gold traded at 580 dollar an ounce, highest since January 1981 and silver reaching its highest since 1983 to 10.6 dollar an ounce.
The DGCX silver futures contract will be a 1,000 troy ounce contract with a quaterly maturities in March,July, September and December every year.
DGCX is a joint venture between the Dubai Multi Commodities Centre (DMCC), Financial Technologies (India) and Multi Commodity Exchange of India.
DGCX seeks to launch later options on gold and silver futures and a range of commodities such as steel, marine fuel oil, freight rates and cotton.
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