UAE - Mubasher: The Dubai Gold and Commodities Exchange (DGCX) announced it has traded 3.22 million contracts in August at a value of $52.72 billion, versus 2.38 million contracts traded in July.

This is the first time for the DGCX to trade over 3 million contracts in a month, according to a press release.

The exchange has also marked its all-time high daily volume on 5 August after trading over 220,000 contracts with a notional value of $3.86 billion, the release noted.

Moreover, average daily volumes (ADV) surged by 54.97% year-on-year last August, reaching 146,502 per day.

The Indian Rupee (INR) product suite was the best performing asset class last month, while the INR Quanto Futures, which registered a total of 1,585,110 contracts traded, was the performer within the product suite.

The DGCX’s flagship Gold Futures also recorded a total traded contracts of 58,421 in August, jumping 274.04% year-on-year.

Les Male, CEO of DGCX, commented: “Trading over three million contracts in a month and 220,000 contracts in a single day are significant milestones for the DGCX Group, and attests to our growing marketplace and sustained investor confidence in the Exchange. These records came as investors looked for new hedging tools in a particularly volatile period, in which the ongoing US and China trade war stoked fears of an economic recession, and Indian Prime Minister Narendra Modi announced that his government would withdraw Kashmir’s special constitutional status.

As geopolitical tensions continue to simmer, the DGCX Group continues to offer investors access to a wide range of products that help manage risk on a robust, fully regulated and secure platform, and we remain on track to break our previous Annual Volumes Record of 22.3 million contracts that we set last year,” Les Male added.

Source: Mubasher

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