Dubai Gold Exchange records best month of trading since July 2008

Gold Futures on the Dubai Gold & Commodities Exchange (DGCX) in January recorded a month-on-month volume growth of 66.25 per cent and year-on-year-growth of 515 per cent, reported official news agency WAM.

It is the single best month of trading for the Gold Futures trading since July 2008.

DGCX also recorded its highest annual Average Open Interest (AOI) – the total number of outstanding contracts at the end of the trading day – in 2019 with 324,803 contracts, rising from 284,736 contracts in 2018, its highest yearly AOI ever.

The Dubai Gold and Commodities Exchange (DGCX) traded 23.06 million contracts in 2019, outmanoeuvring its record of 22.26 million contracts traded in 2018, marking 2019 as the most successful year since its 2005 launch.

DGCX’s clearing house, The Dubai Commodities Clearing Corporation (DCCC), cleared over $866bn in notional value.

Les Male, CEO of DGCX, said, “We are immensely proud of the growth we experienced last year, and are delighted that we have continued our trajectory into 2020 with robust trading across the board, particularly in our flagship Gold Futures product.

“January’s strong performance against a volatile backdrop indicates a positive outlook for the upcoming year, as we look forward to further consolidating our position as the largest and most diversified bourse in the Middle East, and providing our members and participants with a wider range of products to safely hedge their risk.”

In January, gold prices hit $1,588.13, the highest level since 2013, owing to tensions arising from the fallout of the Irani general Qassem Soleimani’s killing.