DGCX trades total value of USD 13.681 billion contracts amidst heightened market volatility
The month of February saw the Dubai Gold & Commodities Exchange (DGCX) register trades with a total value of USD 13.681 billion, as global markets responded to rising inflation, mounting oil prices as well as the Russian - Ukrainian conflict; which resulted in continued volatility during the last week of the month.
The exchange registered a monthly Average Open Interest (AOI) of 125,206 contracts during February – and saw its precious metals’ portfolio lead trading activity. The Group’s Gold Futures Contract recorded a year-on-year (Y-O-Y) Average Daily Volume (ADV) growth of 734% while its Silver Futures Contract registered 75%.
Elsewhere, the DGCX Group saw a sharp spike in Indian Rupee (INR) trading, with its Rupee Mini Futures Contract, Rupee Options Contract and Rupee Weekly Contracts registering increases in 67%, 206% and 87% respectively. DGCX’s West Texas Intermediary (WTI) Futures gained traction following increased volatility in oil markets – with a Y-O-Y ADV growth of 136%.
Les Male, CEO of DGCX, said: “Volatility has been a recurring theme over the past few months, with investors and traders continuing to grapple with a range of factors including inflation, oil prices and geo-political developments. Against this backdrop, we have seen our precious metals’ portfolio lead trading activity on the exchange. We have also seen a sharp uptick in Indian Rupee trading as market participants look to hedge their exposure to one of the world’s fastest-growing economies. DGCX remains committed to providing our customers with a broad array of tradable products that meet their hedging and investment needs.”
The DGCX has also announced that it will host two webinars for market participants during the month of March. The first webinar will discuss a variety of hedging strategies related to trading its G6 Currency Future Contracts on the 10th of March, while the second will focus on its Shariah Gold Futures Contracts. Interested participants can register by clicking here.
The Dubai Gold & Commodities Exchange (DGCX) is the region’s leading derivatives exchange and has played a pioneering role in developing the regional market for derivatives trading, clearing and settlement.
The DGCX owns and operates the region’s largest and only multi-asset Clearing House – Dubai Commodities Clearing Corporation (DCCC). DGCX & DCCC are regulated by the Securities & Commodities Authority (SCA). It is recognised as a licensed Central Clearing-Counterparty (CCP) by SCA and a Third-Country CCP by European Securities Markets Authority (ESMA).
The DGCX’s strategic geographic location in Dubai between the Far East, Europe and Africa serves as a unique, global window for traders and investors. With over 100 members across the world, the DGCX drives liquidity in the market by offering a broad range of futures and options contracts covering base and precious metals – including the world’s only Shari’ah Compliant Spot Gold Contract – hydrocarbons, equities and currencies.
For further information please contact:
Weber Shandwick PR
Tel: +971 50 255 3402