UAE Business: DGCX sees strong activity in April; records $12.3bn trade – Gulf Digital News

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  • Date: 14-May-2022
  • Source: Gulf Digital…
  • Sector: Economy
  • Country: UAE
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UAE Business: DGCX sees strong activity in April; records $12.3bn trade – Gulf Digital News

Dubai Gold and Commodities Exchange (DGCX) said significant geo-political events, rising oil prices and inflation, as well as anticipated hikes in interest rates continued to drive its strong trading activity in April.

The group recorded a high monthly Average Open Interest (AOI) of 123,368 contracts – and registered trades worth $12.31 billion. Activity for the month was also driven by the exchange’s Indian Rupee (INR) product suite, the Pakistani Futures Contract as well as a notable uptick in the trading of gold.

Notably, the DGCX’s Pakistani Rupee (PKR) Futures Contract also generated the highest Open Interest (OI) as well as the highest ADV since its launch in 2021, trading a total of 7,631 lots valued at $82.14 million, during the month.

There was an increased demand for Indian rupee backed assets, with the DGCX’s Rupee Mini Volume Contract recording a strong year-on-year (Y-O-Y) average daily volume (ADV) growth of 65.65%.

The DGCX’s weekly INR-US Dollar (USD) Futures Contract also traded strongly, with a year-to-date volume growth of 143.81% compared to the year before.

Elsewhere, there was mounting interest in safe-haven assets, as the DGCX’s shari’ah spot gold futures contract recorded a year-to-date volume growth of 268.75% from the year before, as investors looked to hedge

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