Precious Metals Trading Spiked on Dubai Gold & Commodities Exchange

SEATTLE (Scrap Monster):  The Dubai Gold and Commodities Exchange (DGCX) recorded notable surge in trading of its precious metals portfolio during the month of August this year. The visible shift to safe-haven assets in the midst of global economic uncertainties coupled with weakening U.S. dollar led to the spike.

The total volumes on the exchange totalled 872,918 contracts, valued at USD 21.45 billion during the month. Also, it registered Average Open Interest (AOI) of 136,345 contracts. The flagship Gold Futures product witnessed year-to-date (YTD) volume growth of 47.64% over the previous year. The year-on-year Average Daily Volume (ADV) of Silver Futures product recorded a growth of 281.77%.

The DGCX G6 currencies portfolio recorded Y-O-Y volume growth of 277.8% in August. The year-to-date growth of the portfolio stood at 414.66%. The key performers were British Pound, Euro and Yen Futures Contracts, which recorded year-on-year ADV growth of 944.5%, 55.51% and 1387.25% respectively. In addition, the recently launched Weekly INR Futures Contract and FX Rolling Futures Contract too gained traction during the month.

Les Male, CEO, DGCX said that increased acceptance of precious metals as safe-haven assets led to strong surge in Gold and Silver Futures Contract s trading.

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