DGCX trade value hits $12.68bln in January

DGCX’s Silver Futures product continued to perform strongly recording a year-to-date (Y-T-D) volume growth of 556.49%

  
Dubai Gold and Commodities Exchange. Image used for illustrative purpose.

Dubai Gold and Commodities Exchange. Image used for illustrative purpose.

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The Dubai Gold & Commodities Exchange (DGCX) said that it traded a total value of $12.68 billion in January, as well as registered an average monthly Average Open Interest (AOI) of 155,655 contracts.

During the month, the DGCX’s Silver Futures product continued to perform strongly recording a year-to-date (Y-T-D) volume growth of 556.49% compared to the same period last year.

The exchange also registered the highest open interest for its Euro (EUR) FX Rolling Futures Contracts since its launch, with 1,932 contracts as members looked to manage their risk.

Les Male, CEO of DGCX, said: “After a challenging 2020, we are delighted to begin the year with the launch of a new product, the Daily Gold Futures Contract, which further expands our portfolio of precious metal products. This represents just one of many services that we hope to introduce in the coming year, as we aim to provide additional hedging and investment opportunities for our member base and market participants. During the month of January, the performance of our Silver Futures was particularly of note, as well as our G6 Currencies.”

The launch of the Daily Gold Futures Contract, a 12.5kg physically delivered contract, follows increased market demand for the yellow metal.

The DGCX has also extended the New Market Participant Scheme, which was introduced in June 2020, through to the end of 2021. The scheme offers a rebate of trading fees of up to 75% during the first three months of their trading, and 50% during their first four to six months of trading.

The scheme is eligible to individual clients of an existing DGCX Broker as well as existing members that have not traded on the DGCX for at least the past 6 months. To read more about the scheme, please click here.

The DGCX Group will also be hosting a virtual webinar for investors and members of the Group about trading strategies for the INR Suite. The webinar, set to be hosted on February 3, will highlight trading INR Suite’s strategies and opportunities with market experts. – TradeArabia News Service

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