By Sam Bridge
Dubai Gold and Commodities Exchange says total volumes this year stand at more than 21.85 million
Total volumes on the Dubai Gold and Commodities Exchange (DGCX) this year stand at over 21.85 million contracts at the end of November, valued at more than $400 billion.
It said it remains on course to break the annual volumes record set in 2018 of 22.3 million contracts traded.
In November, the DGCX traded 1.54 million contracts, and registered average open interest (AOI) of 299,575 with the Exchange showing 15 percent growth in AOI in 2019.
The best performing asset class in November was the Indian Rupee (INR) product suite, which registered year-to-date volume growth of 17 percent from 2018 and an AOI increase of 10 percent.
Trading in November was also underpinned by DGCX’s flagship Gold Futures product, which recorded total volume growth of 94 percent so far in 2019 compared to the same period last year, and year-on-year average daily volume growth of 452 percent.
Les Male, CEO of DGCX, said: “The DGCX remains on track to break the annual volumes record we set in 2018 of 22.3 million contracts traded, and close the year on a high note. This attests to our ability to meet the constantly evolving needs of our market participants, and continuously deliver excellence, innovation, and diversified financial instruments.
“As we turn our attention to 2020, we will continue to build on what we have achieved this year, further expanding our reach to different markets and increasing the breadth of our product portfolio to meet the hedging and investment needs of our participants across the globe,” added Male.