The Dubai Gold and Commodities Exchange (DGCX) said on Thursday it had registered its best ever month in its 14-year history. The exchange recorded 2.38 million lots at a valuation of over $39.2 billion in July. This performance broke DGCX’s previous record in May 2018 of 2.16 million lots.
Les Male, the CEO of DGCX, commented on the results, “Trading and clearing more than 2.38 million contracts in a single month is a remarkable feat for the DGCX, and demonstrates our strong momentum and increasing appeal to investors and traders.”
“July’s record trading numbers were driven by continued geopolitical tension and uncertainty, with the UK welcoming a new Prime Minister at a critical moment during the Brexit process, increased tensions between the US and UK with Iran, and a trade deal between the US and China showing few signs of progress,” said Male.
Indian Rupee Quanto futures were the stand-out performing contract in July, which recorded its best month since launch with a total of 1,106,309 contracts traded. This figure is a 192 percent increase year-on-year.
“INR trading this month was particularly noteworthy, with trading of our INR Quanto futures product surpassing the one million mark in a month for the first time ever. The new record was set as investors looked for new hedging tools to match their increasingly complex needs, and turned to markets like the DGCX to fulfill these requirements,” the DGCX CEO added.
The DGCX’s flagship Gold Futures product also saw strong performance, trading 61,764 contracts, up 209 percent year-on-year.