The Dubai Gold and Commodities Exchange (DGCX) has recorded its highest ever daily Indian Rupee (INR) volume, trading 126,055 contracts on August 13th. On the same day, the Exchange’s overall volume touched 185,630 contracts worth USD 4.17 billion, its second highest daily notional value since inception.
Amidst continued market volatility, the DGCX traded over 2.08 million contracts in August, a year-on-year (Y-O-Y) increase of 60%. The Exchange has so far recorded 45% year-to-date volume growth from 2017.
Les Male, CEO of DGCX, commented:“DGCX performed exceptionally well in August, registering a record daily INR volume and continuing to achieve outstanding growth over 2017. Last month was also marked by a significant milestone, as we took an important step forward to promote Islamic financial products by partnering with the Dubai Islamic Economy Development Centre (DIEDC). We are confident that the relationship will provide us with a platform to launch further Islamic financial instruments as we work diligently towards positioning Dubai as the hub of Islamic markets activity.”
The DGCX and DIEDC signed a Memorandum of Understanding (MoU) last month, agreeing to share knowledge, promote Shari’ah Compliant finance, and help foster Dubai as the global capital of Islamic economy. Under the MoU, DIEDC will work with DGCX to promote the Shari’ah Compliant Spot Gold contract, as well as any other Shari’ah Compliant commodity products subsequently developed by the Exchange.
DGCX’s robust month of trading in August was also underpinned by the Indian Rupee Quanto and Gold Quanto, which registered Year-on-Year (Y-O-Y) volume growth of 232% and 89% respectively.