For first time, DGCX trades over 3 million contracts in a month

DUBAI, In August, for the first time, the Dubai Gold and Commodities Exchange, DGCX, traded over three million contracts in one month, surpassing its previous record of 2.38 million contracts set in July.

The 3.22 million lots traded and cleared in August were valued at US$52.72 billion, also a new record.

The exchange recorded its highest-ever daily volume on 5th August, 2019, trading over 220,000 contracts, with a notional value of $3.86 billion. The Average Daily Volumes, ADV, last month reached 146,502 per day, up 54.97 percent year-on-year, Y-O-Y.

The best performing asset class in August was the Indian rupee product suite, breaking all previous volume records. The best performer within the product suite was INR Quanto Futures, the index pricing of the Indian Rupee US dollar currency pair, which registered its best month ever, with a total of 1,585,110 contracts traded. The DGCX’s flagship Gold Futures product also witnessed strong interest and participation, trading 58,421 contracts last month, up 274.04 percent Y-O-Y.

Regarding the volume of trading, Les Male, CEO of the DGCX, said, “Trading over three million contracts in a month and 220,000 contracts in a single day are significant milestones for the DGCX Group, and attest to our growing marketplace and sustained investor confidence in the exchange. These records came as investors looked for new hedging tools in a particularly volatile period in which the ongoing United States and China trade war stoked fears of an economic recession, and India’s Prime Minister, Narendra Modi, announced that his government would withdraw Kashmir’s special constitutional status.”

“As geopolitical tensions continue to simmer, the DGCX Group continues to offer investors access to a wide range of products that help manage risk on a robust, fully regulated and secure platform, and we remain on track to break our previous AVR of 22.3 million contracts that we set last year,” he added.

Source: Emirates News Agency