Dubai Gold and Commodities Exchange posted over 21.85 million contracts between Jan-Nov

The contracts, for the first 11 months of the year, valued in at over $400bn

Dubai Gold and Commodities Exchange (DGCX) posted total volumes of more than 21.85 million contracts, for the first 11 months of 2019, valued in at over $400bn, Dubai media office reported.

In the month of November, the DGCX traded 1.54 million contracts, and registered an average open interest (AOI) of 299,575 with the exchange posting a 15 per cent growth in AOI in 2019, a statement said.

The Indian Rupee (INR) product set was the best performing asset class in November, registering a year-to-date (YTD) volume growth of 17 per cent from 2018, and an AOI increase of 10 per cent, the statement said.

DGCX’s gold futures product also strengthened overall trading in November, posting a total volume growth of 94 per cent (YTD) compared to the same period last year.

Les Male, CEO of DGCX, said: “The DGCX remains on track to break the annual volumes record we set in 2018 of 22.3 million contracts traded, and close the year on a high note.”

“As we turn our attention to 2020, we will continue to build on what we have achieved this year, further expanding our reach to different markets and increasing the breadth of our product portfolio to meet the hedging and investment needs of our participants across the globe.”

DGCX won the ‘Global Exchange of the Year’ award at the Burj CEO awards, and ‘Exchange of the Year’ at the FOW Global Investor MENA Awards 2019, the statement added.