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The Dubai Gold and Commodities Exchange (DGCX) saw total trades hitting $13.681 billion in February, as investors sought to hedge wealth against volatility.
The exchange recorded a monthly average open interest (AOI) of 125,206 contracts during the month. The precious metals’ portfolio led the trading activity, with the Gold Futures Contract recording a year-on-year average daily volume growth of 734 percent and Silver Futures Contract registering 75 percent.
The DGCX said there was also a “sharp spike” in Indian Rupee trading, with the Rupee Mini Futures Contract, Rupee Options Contract and Rupee Weekly Contracts rising by 67 percent, 206 percent and 87 percent, respectively.
The DGCX’s West Texas Intermediary (WTI) Futures gained traction as well, registering a 136 percent year-on-year increase in average daily volume, following increased volatility in oil markets.
“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,” said Les Male, CEO of DGCX.
(Writing by Cleofe Maceda; editing by Daniel Luiz)
