DGCX sees spike in Gold and Silver futures trading In August
The Dubai Gold and Commodities Exchange (DGCX) has announced that it saw a spike in trading volumes of its precious metals portfolio in August, as investors and market participants turned towards safe-haven assets amidst continuing global economic uncertainty and a weakening US dollar.
Last month, the DGCX said it saw its flagship Gold Futures product record year-to-date (YTD) volume growth of 47.64% compared to the same period last year, whilst its Silver Futures product recorded year-on-year (Y-O-Y) Average Daily Volume (ADV) growth of 281.77%.
Les Male, CEO of DGCX, said:
“This year, precious metals have asserted their status as safe-haven assets. Gold in particular has been in the headlines recently, gaining 17% in value in the first half the year, and last month settling above $2,000 an ounce for the first time ever. This was strongly reflected on the DGCX, with both our Gold and Silver Futures Contracts experiencing a surge in trading.”
Momentum in the DGCX’s G6 currencies portfolio also continued to build in August against a backdrop of ongoing foreign exchange (FX) volatility. The portfolio recorded Y-O-Y volume growth of 277.8%, and has now recorded Y-T-D volume growth of 414.66% compared to the same period last year. British Pound, Euro and Yen Futures Contracts were the most prominent performers, recording Y-O-Y ADV growth of 944.5%, 55.51% and 1387.25% respectively.
Total volumes on the DGCX in August totaled 872,918 contracts, valued at USD $21.45 billion. The DGCX last month also registered Average Open Interest (AOI) of 136,345 contracts.
“Our recently launched Weekly INR Futures Contract and FX Rolling Futures Contracts have also been gaining traction this month. They are still in the early stages, but they have received a great response so far, as we aim to widen investor participation and increase our member base both locally and globally. We are confident that they will see significant growth in trading activity over the next few months.”