DGCX Average Open Interest Hits All-Time Record High

SEATTLE (Scrap Monster): The Dubai Gold and Commodities Exchange (DGCX) started the second half of 2018 on a strong note. The Exchange’s Average Open Interest (AOI) surged significantly during the month of July this year to take the AOI for 2018 to an all-time record of 304,398 contracts. This is notably higher by 29% over the previous year. The AOI for July ’18 totaled 323,477 contracts. The year-on-year overall contract volume surged higher by 36% over the year to touch 1.894 million. The total value of these contracts amounted to $38.49 billion, said DGCX press release.

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The strengthening of bilateral ties between China and the UAE, subsequent to Chinese Premiere’s recent visit to Dubai, resulted in increased demand for China-centric products offered by the Exchange. The Shanghai Gold Futures recorded month-on-month volume growth of 71% in July, whereas the Chinese Yuan Futures grew by 64%. According to DGCX, one more notable performer of the month was Dubai India Gold which recorded almost 100% growth over the previous year.

Commenting on the strong growth following a record-breaking first half performance, Les Male, CEO, DGCX noted that apart from notable AOI growth, it also achieved a number of other significant achievements in July. The exchange had recently partnered with Standard Chartered Bank, in an attempt to expand its collateral basket. The exchange will continue to focus on introducing more innovative products and expanding its local and international member base over the next few months, Male said.

The Exchange had recorded the best ever H1 in its history in 2018, with trade volumes surging higher by 44%.