UAE’s DGCX trades total value of $13.68bn contracts in February 2022

UAE’s DGCX trades total value of $13.68bn contracts in February 2022

In February, the Dubai Gold & Commodities Exchange (DGCX) registered trades with a total value of $13.681bn, 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. The exchange registered a monthly average open interest of 125,206 contracts during the month – and saw its precious metals’ portfolio lead trading activity. The group’s Gold Futures Contract recorded a year-on-year average daily volume (ADV) growth of 734 per cent, while its Silver Futures Contract registered a growth of 75 per cent. DGCX saw a sharp spike in Indian Rupee trading, with its Rupee Mini Futures Contract, Rupee Options Contract and Rupee Weekly Contracts registering increases of 67 per cent, 206 per cent and 87 per cent respectively. DGCX’s West Texas Intermediary Futures gained traction following increased volatility in oil markets, with a year-on-year ADV growth of 136 per cent. Les Male, CEO of DGCX, 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