Dubai Gold and Commodities Exchange sets trading record for August

DGCX recorded highest ever daily volume in August 5 - over 220,000 contracts with a value of $3.86bn
Dubai Gold and Commodities Exchange sets trading record for August
The Dubai Gold and Commodities Exchange (DGCX) traded over 3 million contracts in August for the first time ever, smashing its previous record of 2.38 million contracts set in July.
By Gavin Gibbon
Sun 01 Sep 2019 02:33 PM

The Dubai Gold and Commodities Exchange (DGCX) traded over 3 million contracts in August for the first time ever, smashing its previous record of 2.38 million contracts set in July.

The 3.22 million lots traded and cleared in August were valued at $52.72 billion - another record.

DGCX also recorded its highest ever daily volume on August 5, trading over 220,000 contracts with a notional value of $3.86bn. Average daily volumes (ADV) last month reached 146,502 per day, up 54.97 percent year-on-year.

Les Male, CEO of 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 attests 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 US and China trade war stoked fears of an economic recession, and Indian Prime Minister Narendra Modi announced that his government would withdraw Kashmir’s special constitutional status.”

The best performing asset class in August was the Indian rupee (INR) product suite, breaking all previous volume records. The best performer within the product suite was the 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.

DGCX’s flagship Gold Futures product also witnessed strong interest and participation, trading 58,421 contracts last month, up 274.04 percent year on year.

“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 annual volumes record of 22.3 million contracts that we set last year,” added Male.

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