27 C
Dubai
Wednesday, November 6, 2024
spot_img

DGCX trades at $11.6 billion in June

[ad_1]

The monthly average open interest (AOI) on the Dubai Gold and Commodities Exchange in June was 120,960 contracts with a notional traded value of $11.6 billion.

Market participants continued to turn to alternative safe-haven assets this month amid rising global inflation, political instability and stock market volatility.

The continued strong performance was driven in part by DGCX’s gold futures contract volumes, which were up 194% year-to-date (YTD) and 168% higher average daily volume (ADV) than in June 2021. DGCX’s G6 currency portfolio also continued its strong month-to-month performance, with 111,658 contracts traded year-to-date.

One of the highlights of the month was Indian Single Stock Futures (SSF), which also rose 532% compared to June 2021. Demand for Indian rupee-backed assets continues to grow, with DGCX’s rupee mini-volume contract recording a strong year-on-year (YOY) ADV growth of 26%.

In an important strategic development, DGCX launched the listing of its Israeli Shekel futures contracts in June 2022. The move follows a license from the Israel Securities Authority (ISA) in 2021, which enables qualified Israeli companies to trade on a proprietary basis to become members of DGCX and use its trading services. From May 2021, Israeli members are also allowed to act as market makers on the DGCX platform.

Ahmed Bin Sulayem, Chairman and CEO of DGCX, said: “In June, we continued to see growth in safe-haven assets, including our G6 currency portfolio and gold futures contracts. Macroeconomic factors persist and we may see demand for such assets continue to grow in the coming months.

“The launch of the Israeli Shekel futures contract adds even more options as we expand our currency asset class, diversify our offerings and provide more opportunities for market participants.”

DGCX also participated in the “FOW Trading Israel” event in Tel Aviv on June 28, organized by Futures and Options World (FOW). As the Silver Sponsor of the event, DGCX Commercial Director Louis Hems attended a key panel discussion on cross-border opportunities.

DGCX also hosted an exclusive seminar for its members focused on physical gold trading, refiners and bullion traders on June 21, attended by gold industry experts and business leaders. The seminar provided insights into the future prospects of the regional and global gold trade. – arab trade news agency

[ad_2]

Source link

Related Articles

Pioneering AI Innovations with Abis Ali, Co-Founder of Raen AI

Pioneering AI Innovations with Abis Ali, Co-Founder of Raen AI In an era where artificial intelligence is transforming industries worldwide, Raen AI stands out as...

From Vision to Reality How Harshit Aggarwal’s Novamax Industries is Redefining Cooling Solutions

In the fast-evolving world of startups, where passion meets perseverance, Harshit Aggarwal has carved out an impressive path with Novamax Industries LLP. Founded in...

8 Tips for Choosing the Right Pet Insurance in Dubai

As a pet owner in Dubai, you want to be sure that your companion receives the best care possible. But we understand that vet...

The Journey of Berrylush: A Story of Passion, Perseverance, and Purpose

In 2018, Berrylush was born from the shared vision of two IIM graduates, AnushaChandrashekar and Alok Paul, who saw a glaring gap in the...

UAE Strengthens Global Alliances: Landmark Diplomatic Engagements with Russia and Singapore Propel Strategic Partnerships

UAE has been actively engaged in high-level diplomatic efforts, further cementing its role as a key player on the global stage. Recently, President Sheikh Mohamed...

Latest Articles