DGCX sees record average open interest

dubai — The Dubai Gold and Commodities Exchange (DGCX) has begun H2 strongly, recording an average open interest (AOI) of 323,477 contracts in July, bringing the AOI for 2018 to an alltime high of 304,398 contracts, up 29 per cent from 2017.

The overall volumes for the month touched 1,894,155 contracts with a value of $38.49 billion, a year-on-year (y-o-y) increase of 36 per cent.

The best-performing asset classes for July were the Shanghai Gold Futures and Chinese Yuan Futures, registering month-onmonth (m-o-m) volume growth of 71 per cent and 64 per cent respectively. The rising demand for China-centric products comes at a time when ties between the UAE and China have strengthened after the recent state visit of the president of China, Xi Jinping. Dubai India Gold was another notable performer for the month, recording a 99 per cent increase in y-o-y growth.

Les Male, CEO of DGCX, said: “We had a number of significant achievements in July, ranging from our exceptional open interest performance to expanding our collateral basket in partnership with Standard Chartered Bank. Open interest is a true measure of an exchange’s success, and our records this month are a reflection of the robustness of our trading platform. Our focus over the next few months will be to introduce more innovative products and expand our member base both locally and internationally.”