Business

The Dubai Gold & Commodities Exchange (DGCX) has began 2020 strongly, with its flagship Gold Futures product in January recording its best month of trading since July 2008. The product recorded month-on-month (M-O-M) volume growth of 66.25%, and year-on-year (Y-O-Y) volume growth of 515%, as growing geopolitical tensions throughout the globe drove investors towards safe-haven assets. The DGCXs West Texas Intermediary (WTI) Futures additionally underpinned trading previous month, registering M-O-M volume growth of 18.26%.

Another indicator of the Exchanges promising begin to the year was its monthly Average Open Interest (AOI) in January, which registered 366,481 contracts, up from 314,729 contracts in December previous year. AOI in 2019 overall was 324,803, its highest yearly AOI ever.

Les Male, CEO of DGCX, commented: We are immensely proud of the boom we experienced previous year, and are delighted that we have persisted our trajectory into 2020 with strong trading throughout the board, especially in our flagship Gold Futures product. Januarys robust performance against a volatile backdrop shows a tremendous outlook for the upcoming year, as we look ahead to further consolidating our role as the largest and most varied bourse in the Middle East, and providing our members and participants with a wider range of products to safely hedge their risk.

The DGCXs G6 currency portfolio was another driver of trading previous month, registering a 419% Y-O-Y volume increase. Among the currency pairs, the Australian Dollar (AUD) was the most prominent, registering its best month of trading since June 2010.

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