The DGCX office on Shaikh Zayed Road. Image Credit: Gulf News Archives

Dubai: The Dubai Gold and Commodities Exchange (DGCX) said on Thursday it has registered its best ever month in its 14-year history, recording volumes of 2.382 million lots valued at over $39.2 billion in July, breaking the Exchange’s previous single month trading record of 2.16 million set in May 2018.

The best performing contract in July was the Indian Rupee Quanto futures, which recorded its best month since inception with a total of 1,106,309 contracts traded, up 192 per cent year-on-year. DGCX’s Gold Futures product also underpinned last month’s trading, building on its strong performance in June on the back of global instability, trading 61,764 contracts, up 209 per cent on year.

“Trading and clearing more than 2.38 million contracts in a single month is a remarkable feat for the DGCX, and demonstrates our strong momentum and increasing appeal to investors and traders. July’s record trading numbers were driven by continued geopolitical tension and uncertainty, with the UK welcoming a new Prime Minister at a critical moment during the Brexit process, increased tensions between the US and UK with Iran, and a trade deal between the US and China showing few signs of progress,” Les Male, CEO of DGCX, said in a statement.

“INR trading this month was particularly noteworthy, with trading of our INR Quanto futures product surpassing the 1 million mark in a month for the first time ever. The new record was set as investors looked for new hedging tools to match their increasingly complex needs, and turned to markets like the DGCX to fulfil these requirements,” he added.