DGCX sees 16% growth in volume of trades in ’22

  • Date: 27-Jan-2023
  • Source: The Gulf…
  • Sector:Financial Markets
  • Country:UAE
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DGCX sees 16% growth in volume of trades in ’22

Local News, News

Dubai / WAM

Dubai Gold and Commodities Exchange (DGCX), the largest and most diversified derivatives exchange in the Middle East, on Thursday announced its full-year market statistics for 2022, reporting a total of 8.239 million contracts with a total value of $162.01 billion during the year, representing growth of 16 percent and 8.24 percent, respectively.

With inflation rising steadily over the course of 2022, investors increasingly turned to gold, with DGCX reporting a 78 percent increase in the volume of gold contracts traded on the exchange compared to the previous year. Throughout the year, DGCX saw steady trading in Indian rupee, as market participants looked to hedge their exposure to one of the world’s fastest-growing economies. DGCX also saw volume growth for the yen, Australian, and Canadian dollars and increased investor interest in the euro and British currency.

Ahmed Bin Sulayem, CEO of DGCX, said, “During 2022, DGCX delivered significant double-digit growth across multiple metrics in the face of continued economic challenges around the world. Within this context, with participants focusing on currencies and gold, DGCX launched physical gold and spot gold contracts. DGCX also made