Gold futures in Dubai hogged the limelight after the announcement of IMF gold sale, first such sale in nine years, and further ease in the US dollar.

Dubai Gold and Commodities Exchange (DGCX) witnessed a higher volume of 1946 contracts in Dubai Gold contract futures for December delivery as the price quote showed intra-day high of $1065.50. However, it later eased and was hovering at $1055.40 per troy ounce as at 6:00pm yesterday.

DG contract futures recorded day's highest volume on DGCX after dollar/pound and dollar/euro pairs, which registered 2902 and 2062 contracts respectively. The gold futures contract is likely to touch $1,140 in the near future, say market analysts.

Bullion for December delivery on the DGCX surged to $1,065.50 per ounce, the all time high since the exchange began trading futures on the yellow metal in 2006 was $1,072 recorded on October 14 this year.

Eric Hasham, CEO, DGCX, told Emirates Business: "DGCX gold futures contracts have seen increased interest from a range of market participants. This trend is evidenced by a 21 per cent month-on-month and 84 per cent year-on-year growth in the October volumes. Commodities, and in particular precious metals, have emerged as an important asset class."

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