July marked a positive start to the second half of the year for Dubai Gold and Commodities Exchange (DGCX), with volatility driving demand for portfolio risk management as it continues to provide the necessary tools for customers to manage and hedge risks and uncertainties across asset classes, as per a press release from the Exchange.
Against a backdrop of geopolitical challenges, potential recession, and inflation concerns that have sparked significant rates hikes and global asset pricing fluctuations, the exchange registered 28,809.33 Average Daily Volume (ADV) trades throughout the month, an 8.96% YoY increase from July 2021. DGCX registered a monthly Average Open Interest (AOI) of 121,105 contracts for the month of July and a notional value traded of $11,726.55 mn.
The consistently high performance was fueled by DGCX’s flagship Gold Futures Contract, which delivered ADV growth of 192.58%. The growth came despite DGCX’s precious metals segment in the shape of its Silver Futures Contract contracting by (90)% YoY
Additionally, DGCX Group saw its Indian SSF product register YoY ADV growth of 537 lots, indicating a continued strong appetite from investors for blue-chip Indian stocks. The Indian Rupee Weekly Future Contract also benefits from consistently high market participation, which increased to 946 lots this month compared to July 2021.
Aruna Gaitonde, Editor in Chief of the Asian Bureau, Rough&Polished
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