Dubai DGCX gold, commodities trade tops $1.3trln

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The value of gold and commodities traded by the Dubai Gold and Commodities Exchange (DGCX) rose to around Dh4.85 trillion ($1.32 trillion), according to statistics issued by the Securities and Commodities Authority (SCA), said a media report.

As the authority that regulates securities in the country, the SCA is the regulator of the DGCX, and in 2006, a memorandum of understanding (MoU) was signed between the SCA, the DGCX and various commodity derivatives markets, reported Emirates news agency Wam.

In 2018, the DGCX achieved record numbers of trades, amounting to 22.26 million contracts valued at $474.94 billion, exceeding the total from the previous year.

Its average daily trading volume amounted to 86,615 contracts while its record daily trading volume in 2018 happened on 13th August, totalling 185,630 contracts. May registered the highest monthly trading volume, amounting to 2,163,598 contracts while the number of contracts related to Indian Rupee products increased by 25 percent since 2017.

The value of currency contracts related to the six major countries grew by 9 percent since 2018. July registered the highest number of open contracts, exceeding 300,000. In 2017, the value of contracts amounted to $404.69 billion, numbering 17.439 million contracts while the value of contracts in 2016 reached $439.5 billion, numbering around 16.669 million.

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