DUBAI, Dec 24: Volumes on Dubai’s new gold exchange hit record highs this week, with $11.7 million worth of gold futures contracts traded on Friday, the exchange said.

The exchange recorded the highest volumes on Dec. 23, (when) 723 kilograms (1,594 lb) of gold futures contract valued at $11.70 million were traded, a Dubai Gold and Commodities Exchange (DGCX) statement said.

The previous highest volumes were recorded on Dec 22, when 693 contracts valued at $11.18 million were traded, it said.

DGCX said gold futures contracts worth about $89 million were traded on the exchange during its first month of operation.

Dubai benchmark February 2006 contract was trading at 505.5. February gold on the New York Mercantile Exchange’s COMEX division rose 20 cents to $505.20 an ounce.

Dubai launched DGCX last month and hopes it will play to the booming Gulf emirate’s traditional strength as a hub of the physical gold trade.—Reuters