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Traders at the Dubai Gold and Commodities Exchange. Image Credit: Gulf News archives

Dubai. Over 3 million contracts were traded in August at the Dubai Gold and Commodities Exchange (DGCX) — well over the exchange’s previous record of 2.38 million contracts set in July. The 3.22 million lots traded and cleared in August are valued at $52.7 billion.

August 5 saw the highest ever daily volume, which was more than 220,000 contracts. Average volumes in August reached 146,502 per day, up 55 per cent year-on-year, DGCX said in a statement.

The best performing asset class during the month was the Indian Rupee, specifically Rupee futures, the index pricing of the Indian Rupee-US dollar currency pair.

“These records came as investors looked for new hedging tools in a particularly volatile period, in which the ongoing US and China trade war stoked fears of an economic recession, and Indian Prime Minister Narendra Modi announced that his government would withdraw Kashmir’s special constitutional status,” said Les Male, chief executive officer of DGCX.

The CEO added that with geopolitical tensions still simmering, DGCX remains on track to break its previous annual volume of 22.3 million contracts from last year.