As geopolitical tensions increased across the globe, investors looked towards safe-haven assets resulting in a surge in trading on Gold Futures on the Dubai Gold & Commodities Exchange (DGCX) last month.
Les Male, CEO of DGCX, commented: “Gold reasserted its position in June as the safe-haven asset of choice, as investors worldwide flocked to the precious metal on the back of fresh speculation around lower Federal Reserve rates, a weak US dollar, and heightened geopolitical tensions between the US and Iran. This was strongly reflected on the DGCX, with our Gold Futures contract registering its best month since November 2016.”
Male also commented that the next few months will be a particularly busy period for the DGCX, as new regionally relevant products will be introduced in response to member demand.
The DGCX recorded its third highest quarterly AOI with 355,365 contracts over the last three months. Open Interest is defined as the number of contracts outstanding in derivatives such as futures and options trading at any time on a market and is a definitive measure of a product’s and wider exchange’s success.
About DGCX: Established in 2005, DGCX is the region’s leading derivatives exchange and the only one allowing global participants to trade, clear and settle transactions within the Gulf region. The Exchange has played a pioneering role in developing the regional market for derivatives and financial infrastructure. DGCX is an electronic commodity and currency derivatives exchange with over 175 members from across the globe, offering futures and options contracts covering the precious metals, energy, equities, and currency sectors. DGCX is a subsidiary of DMCC (Dubai Multi Commodities Centre), a Dubai Government Authority for trade, enterprise, and commodities. For more information: www.dgcx.ae DGCX also owns and operates the region’s largest and only multi-asset Clearing House – Dubai Commodities Clearing Corporation (DCCC). DCCC is federally regulated by the Securities & Commodities Authority (SCA) and is recognized as a Third-Country CCP by European Securities Markets Authority (ESMA) with over 60 clearers from across the globe. For more information: www.dccc.co.ae