Dubai: The market volatility induced by inauguration of Donald Trump as the US president, along with Brexit helped the Dubai Gold and Commodity Exchange (DGCX) to register new peaks.
The DGCX recorded its highest daily trading volume for 2017 on January 25 with 117,637 contracts, valued at $2.9 billion.
“We expect increased demand for derivative products for hedging and investment purposes and we are confident that DGCX will continue to play an increasingly important role for investors within the region,” Gaurang Desai, CEO of DGCX said in a statement.
The British Pound and Yen futures witnessed a substantial year-on-year growth in volumes, up 87 per cent and 757 per cent respectively.
DGCX gold futures also recorded an impressive increase of 56 per cent with the precious metal witnessing major price fluctuations in the lead up to the Chinese New year.
DGCX’s Indian products particularly, Indian Rupee Options and Quanto contracts registered strong year-on-year growth of 176 per cent and 127 per cent respectively, reflecting on the positive tone as India and the UAE elevated their strategic partnership. In addition, investor appetite was strong for DGCX’s Indian Single Stock futures which grew by 29 per cent in comparison to the same period last year. Another currency pair that saw significant trading appetite was the Chinese Yuan futures, which recorded the highest monthly Average Open Interest of 436 contracts in January 2017.
“Keeping innovation at the core of the DGCX is key. We are optimistic that the current product pipeline for the year will enable the DGCX to further improve its growth and development milestones,” he added.