By Gavin Gibbon
Gold Futures witnessed year-on-year growth of 515 percent
The Dubai Gold & Commodities Exchange’s (DGCX) flagship Golf Futures product has just recorded its best month of trading since July 2008 as increasing geopolitical tensions across the globe drove investors towards safe-haven assets.
In January the product witnessed month-on-month volume growth of 66.25 percent and year-on-year growth of 515 percent.
The DGCX’s West Texas Intermediary Futures was also up 18.26 percent compared to December 2019.
While the exchange’s Average Open Interest (AOI) in January registered 366,481 contracts, up from 314,729 the previous month. AOI in 2019 overall was 324,803, its highest ever.
Les Male, CEO of DGCX, said: "January’s strong performance against a volatile backdrop indicates a positive outlook for the upcoming year, as we look forward to further consolidating our position as the largest and most diversified bourse in the Middle East, and providing our members and participants with a wider range of products to safely hedge their risk."
The DGCX’s G6 currency portfolio was another driver of trading last month, registering a 419 percent y-o-y volume increase. Among the currency pairs, the Australian Dollar was the most prominent, registering its best month of trading since June 2010.