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Mon 2 Sep 2019 02:04 PM

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Dubai Gold and Commodities Exchange smashes trading record again

DGCX reports 3.22 million lots traded and cleared in August which were valued at $52.7bn, also an all time record

Dubai Gold and Commodities Exchange smashes trading record again
Les Male, CEO of DGCX.

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

The 3.22 million lots traded and cleared in August were valued at $52.72 billion, also an all time record, DGCX said in a statement.

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

The best performing asset class in August was the Indian Rupee product suite, breaking all previous volume records.

Les Male, CEO of DGCX, said: “Trading over three million contracts in a month and 220,000 contracts in a single day are signficant 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."

He added: "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.”

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