DGCX Trading Volumes Strike Historic High in July

SEATTLE (Scrap Monster): The Dubai Gold and Commodities Exchange (DGCX) recorded its best ever month in its 14-year history during July this year. The trading volumes during the month set a new record, breaking the levels set in May last year.

According to DGCX press release, the volumes totaled 2.382 million lots valued at over $39.2 billion during the month, thereby breaking the previous record of 2.16 million lots recorded in May 2018. The best-performing contract during the month was the Indian Rupee Quanto Futures, which recorded total trading of 1.106 million contracts. The trade surged higher by 192% over the previous year, recording the best month since its inception. DGCX Gold Futures product witnessed 209% year-on-year surge in traded contract volume. A total of 61,764 contracts were traded in July this year.

ALSO READ: DGCX Recorded Massive Upsurge in Gold Futures Trade Volumes

The Euro Futures too reported strong performance in July ’19, recording its second highest Average Open Interest of 3,683.

Commenting on the achievement, Les Male, CEO, DGCX stated that the remarkable trading volume demonstrates the exchange’s strong momentum and increasing appeal to investors and traders. The demand was primarily driven by continued geopolitical tensions including Brexit and U.S.-Iran dispute apart from the tensions stemming from ongoing U.S.-China tariff trade war.

The exchange had recently signed a memorandum of Understanding (MoU) with the Multi Derivatives Exchange (MDX) Nepal, as part of the vision to expand its knowledge base through collaboration with industry across borders.