The Dubai Gold and Commodities Exchange announced its success in 2019, by surpassing all annual trading volumes and previous open interest rates, to make 2019 the most successful year for the exchange since its inception.
The Stock Exchange stated, in a statement yesterday, that the total trading volume on the Stock Exchange during the year 2019 amounted to 23.06 million contracts, exceeding the previous record of 22.26 million contracts in 2018, while the nominal value of the clearing operations carried out by the Dubai Goods Clearing Company, Licensed and fully owned by the Dubai Gold and Commodities Exchange, more than $ 866 billion.
According to the statement, the Dubai Gold and Commodities Exchange recorded the highest annual open interest rate in 2019 of 324,803 contracts, compared to 284,736 contracts in 2018, indicating that “open interest” refers to the total number of unpaid contracts at the end of the trading day, It is a strong indicator of the success of any stock exchange.
“This is the second year in a row that we have recorded the highest trading volumes and open interest rates ever, and this is a clear indication of our continuous efforts to expand investor participation and enhance liquidity levels,” said the CEO of the Dubai Gold and Commodities Exchange, Not Mile.
He added, "The results of 2019 came to represent a milestone that clearly reflects the effectiveness of our growth strategy to attract a wider group of traders and investors, who seek protection and different hedging mechanisms to mitigate risks."
According to the statement, the best performance products in 2019 on the DGCX were the quantum futures contracts of the Indian rupee, as more than 7.7 million contracts were traded, with an annual increase of 109%, and open interest rates for the same period rose by more than 65%.
The gold futures contracts, which are the most important products of the DGCX, achieved a strong performance in the past year, with more than 478 thousand contracts being traded, with an annual increase of 107%. Trading levels for the precious metal on the Dubai Gold and Commodities Exchange were particularly high in June 2019, as the trading volumes of gold futures contracts recorded daily growth on a monthly basis by 507.4%, and daily growth on an annual basis by 225.5%. Growing geopolitical tensions worldwide have also prompted investors to search for safe assets.
Gold futures performed strongly last year.
Standard trading volumes
July and August 2019 witnessed record trading volumes with more than 2.3 million contracts and 3.2 million contracts traded, against the backdrop of global geopolitical tensions, and the Dubai Gold and Commodities Exchange strengthened its attractiveness to investors, recording in August its best monthly performance since its inception 14 Years, breaking the previous record in May 2018, which saw 2.16 million contracts traded.
Dubai ■ Emirates today