Trading numbers at Dubai Gold and Commodities Exchange in the year-to-date continue to rise above those recorded in 2021 over the period. Volumes are up 9.21% by the end of August; while the total value of contracts traded so far in 2022 is USD 98,716.12 million.
The annual figures were boosted by a strong performance in currency trading in August, where the overall volume of trades stood at 652,843, up from 342,054 trades recorded in the same month last year, a 90.86% growth.
118,292 Contracts – Average Open Interest
197.52% Y-T-D Growth – Gold Futures Contract
29,626 contracts worth USD 1409.53 million - G6 Currencies
Spotlight
August was a record-breaking month for the Pakistani Rupee at Dubai Gold and Commodities Exchange, which recorded the highest average daily volume (ADV) of trades since its inception. There were 6953 trades in the currency for the month, a substantial increase from the trades recorded in August last year.
As the global economy continues to reel from rising inflation, recession fears and a deepening cost-of-living crisis, market participants were drawn to DGCX’s G6 currencies portfolio. Both the Canadian Dollar and the Swiss Franc registered their second-highest trades since 2017, in August, at 6076 and 5207 contracts respectively. The Canadian Dollar is showing the strongest growth for the year-to-date and is up tenfold in 2021. The Euro and Pound volumes also rose significantly year-on-year.
During the month, participants actively leveraged the exchange’s pool of Indian Rupee (INR) Currency Contracts:
INR Weekly Futures total trades worth USD 297.88 million
INR Options total trades worth USD 2.65 million
INR Quanto Futures total trades worth USD 1379.11 million
DGCX News
DGCX-Finmet partnership to launch new products
DGCX signed a five-year agreement with FinMet Pte Ltd in August to review the physical bullion market and identify opportunities for DGCX across global markets. The precious metals technology, trading, training and logistics provider will support DGCX to present the product structure to onboard banks and new members that are seeking diversity in products for their business needs.
The partnership will give DGCX a rich understanding of and readiness to add incredible value to gold bullion markets as it launches the Physical Gold Futures and Spot Gold Contracts. Gold Volume witnessed a 197.52 (YTD basis)% increase this month - the coming months should ignite greater interest in the precious metal.
Strong focus on INR and PKR
With PKR reaching its highest trading volumes in DGCX ever and INR posting robust growth, DGCX will continue to focus strongly on the Indian and Pakistani Rupee.
Corporate Highlights
DGCX also added new info-vender, UK-based Ventriks, to its list of approved data partners.
Chairman and CEO of DGCX, Ahmed Bin Sulayem, welcomed the Governor of Astana International Financial Center, H.E. Kairat Kelimbetov; and Consul General of the Republic of Kazakhstan in Dubai, H.E. Rawan Jumabek, to the exchange.