Sunday 11 April 2021 - 5:55:06 am

DGCX continues to register strong interest in silver, gold futures contracts


DUBAI, 1st April, 2021 (WAM) -- The Dubai Gold and Commodities Exchange (DGCX) today announced that during the month of March, it registered a monthly Average Open Interest (AOI) of 191,974 contracts.

Once again, the DGCX Group’s best performing product segment was precious metals, with its Silver Futures Contract recording a year-to-date (Y-T-D) volume growth of 209 percent compared to the same period last year. Additionally, the DGCX’s flagship Shari’ah Compliant Spot Gold Contract recorded a year-on-year (Y-O-Y) Average Daily Volume (ADV) growth of 151 percent during March.

Les Male, CEO of DGCX, said, "During the first quarter of 2021, we recorded sustained interest in our Silver Futures Contract, largely driven by market participants’ desire to safeguard their risk and turn to reputed safe havens such as Silver and Gold.

"Another prevailing trend was a rising interest for products that comply with Islamic principles, as exhibited by the strong performance of our Shari’ah Compliant Spot Gold Contract in March. Subject to further conditions and market feedback, we are currently exploring opportunities to expand our metals portfolio with more contracts that adhere to Islamic principles – such as a Shari’ah based Silver Futures Contract."

 

WAM/Esraa Ismail/Rasha Abubaker