UAE Business: DGCX trade value surges to $13.6bn in February – Gulf Digital News

UAE Business: DGCX trade value surges to $13.6bn in February – Gulf Digital News

Dubai Gold & Commodities Exchange (DGCX) has recorded $13.681 billion worth of trade in February as global markets responded to rising inflation, mounting oil prices as well as the Russian-Ukrainian conflict, which resulted in continued volatility during the last week of the month.

DGCX registered a monthly Average Open Interest (AOI) of 125,206 contracts last month and saw its precious metals’ portfolio lead trading activity. The exchange’s Gold Futures Contract recorded a y-o-y  average daily volume (ADV) growth of 734% while its Silver Futures Contract registered 75%. 

Elsewhere, the group saw a sharp spike in Indian Rupee (INR) trading, with its Rupee Mini Futures Contract, Rupee Options Contract and Rupee Weekly Contracts registering increases in 67%, 206% and 87% respectively. 

DGCX’s West Texas Intermediary (WTI) Futures gained traction following increased volatility in oil markets – with a Y-O-Y ADV growth of 136%.

On the perfomance, CEO Les Male said: "Volatility has been a recurring theme over the past few months, with investors and traders continuing to grapple with a range of factors including inflation, oil prices and geo-political developments."

"Against this backdrop, we have seen our precious metals’ portfolio lead trading activity on the exchange. We have also