Dubai, Nov 12 (IANS/WAM): The year-to-date volumes on the Dubai Gold and Commodities Exchange (DGCX) grew 56 percent in October from the same period last year to total 12.17 million contracts, valued at $25 billion.

Among the key highlights of October trading was the robust growth of precious metals contracts.

Gold futures volumes increased 60 percent from last month to reach 45,928 contracts while silver futures rose 88 percent, hitting its highest monthly volume of 2,882 contracts this year.

"The precious metals sector, especially gold, continues to be a key focus of the exchange's strategic product portfolio expansion plans,” Gary Anderson, chief executive officer of DGCX, was quoted as saying Tuesday.

“The imminent launch of our spot gold contract will strengthen the exchange's precious metal product offering. With almost a quarter of all physical gold traded globally passing through Dubai, we believe there is a very strong market for a spot gold contract,” he added.

According to Anderson, such a contract will not only help merchants enhance price risk management and profitability, but “will also enhance liquidity in the gold market by removing the need for offshore credit and collateral for gold trading”.

October trading volumes helped DGCX gold futures increase its market share in Asia by 2 percent, reinforcing its status as one of the highest traded gold futures contract in Asia.

The DGCX Indian rupee futures continues to be the highest traded offshore rupee futures contract in the world.

The contract's market share in global rupee futures trading stood at 33.69 percent in October, significantly above all other exchanges offering offshore trading in the contract.