By Staff writer
Dubai Gold and Commodities Exchange says volumes rise by nearly 50% in the first half of 2016
Trading volumes on the Dubai Gold and Commodities Exchange (DGCX) recorded an all-time high, exceeding 9.5 million contracts in the first half of this year.
Trading volume grew by nearly 50 percent compared to the same period last year, DGCX said in a statement.
It added that on June 24, the Exchange recorded the highest ever daily volume with 150,570 contracts valued at $3.55 billion despite uncertainty over the Brexit vote and its after effects on the global markets.
Gaurang Desai, CEO of Dubai Gold and Commodities Exchange, said: "Brexit, an event of seismic proportions has triggered extreme volatility in world markets over the weeks running up to actual vote and result days.
"It is in these times, investors look for regulated exchange platforms to hedge their price risk exposures across asset classes. DGCX is now considered to be an extremely important trading venue helping investors protect their trading portfolios by effectively mitigating risk and market exposure which was evident with DGCX breaking its all-time daily volume records."
The Exchange witnessed a strong upswing across all its asset classes with volumes surpassing 2015 half-yearly volumes, he added.
Commodity prices have rebounded on speculation that supply disruptions and production cuts are whittling away the surpluses that caused the price collapse.