DGCX Gold Futures Extended Robust Start to The New Year

SEATTLE (Scrap Monster): The flagship Gold Futures product of the Dubai Gold & Commodities Exchange (DGCX) extended the strong start made to the New Year. The spike in trading is mainly on account of uncertainties in connection with global economic growth, which in turn has led to increased investor-interest towards safe-haven assets such as gold and gold-backed exchange products.

According to DGCX, the year-to-date volume of Gold Futures product skyrocketed by almost 774% in comparison with the same period a year before. It must be noted that the volumes had hit multi-year record in January this year.

The total DGCX volumes hit 1.49 million contracts in February this year. The exchange recorded year-to-date Average Open Interest (AOI) of 367,878 contracts, which is significantly higher by over 51% from the same period last year. The corresponding year-to-date AOI was 243,409 contracts in 2019, DGCX noted. The EURUSD Futures contract volumes surged higher by 41.1% from the prior month in February to total 76,595 contracts.

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Les Male, CEO, DGCX noted that the increased trading seen on the exchange is a testimony of greater number of investors recognizing the value offered by its products for hedging purposes.