DGCX Posted Consistent Growth in Trading Activity
The Dubai Gold & Commodities Exchange (DGCX) reported the best ever April performance since its inception. The traded volumes totaled 1.697 million contracts, which were valued at $32.29 billion. The elevated contract volumes were mainly driven by tremendous rise in volumes of Indian Rupee and G6 currencies trading.
According to DGCX press release, the traded volumes of Indian Rupee Quanto Future totaled 1.621 million contracts during the initial four-month period of the year. The volumes surged higher by more than 42% when compared with the corresponding four-month period in 2018. Among the G6 currency pairs, the Euro-USD Futures recorded highest monthly Average Open Interest (AOI) of 3,574 contracts.
Les Male, CEO, DGCX noted that the exchange has been able to maintain the momentum into the second quarter of the year. The consistent growth in trading activity during April suggests increased reliance of market participants on DGCX for hedging and investment purposes. The recent connection of the exchange by McKay Brothers International (MBI) to its European and US ultra-low latency network demonstrates DGCX’s ongoing commitment to meet growing investor needs, he added.
The exchange witnessed key developments during the month of April this year. Its Spot Gold Contract received a new Shari’ah certification. Also, the exchange announced new partnership with RAKBANK to launch a new Mini-Gold Futures Product.