DGCX Gold Futures Registered Best Ever Trading Month Since July 2008

SEATTLE (Scrap Monster): The Dubai Gold and Commodities Exchange (DGCX) reported strong start to 2020. The news release detailing exchange trading activities suggest robust trading activity in may exchange products. The rising geopolitical tensions across the globe fuelled investment in safe-haven gold assets.

According to DGCX, its flagship Gold Futures product started the New Year on extremely strong note. The product recorded robust trading activity in January this year, registering the best month of trading since July 2008. The product registered year-on-year volume growth of 515%. Over the prior month, the volumes recorded 66.25% surge.

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The exchange reported huge surge in monthly Average Open Interest (MOI) in January, registering 366,481 contracts. This is significantly higher from 314,729 contracts registered in December last year. The trade volumes of DGCX’s West Texas Intermediary (WTI) Futures also registered month-on-month volume growth of 18.26% in January this year, said DGCX news release.

Les Male, CEO of DGCX commented that the exchange is proud to have continued its growth trajectory into 2020 with robust trading across the board. The strong perforamce in January against a volatile backdrop indicates positive outlook for the upcoming year, he added.