Dubai – Mubasher: The trading of gold futures on the Dubai Gold and Commodities Exchange (DGCX) has registered an around 773.6% year-to-date hike, when compared to the same period of 2019, driven by a multi-year record during January.
The surge in the precious metal trading came amid economic uncertainty worldwide, which pushed investors to seek safe-haven assets, according to a press release on Monday.
The trading volume of the DGCX reached 1.49 million contracts in February, while the Average Open Interest (AOI) increased by 51.1% to 367,878 contracts since the beginning of 2020 from 243,409 in the year-ago period.
Meanwhile, the G6 currency pairs witnessed a strong performance in February, as the asset class registered an 18.1٪ overall volume growth, with a value of $7.2 billion.
Commenting on the strong performance of the trading, the CEO of DGCX, Les Male, said: “Unforeseen events during the first two months of this year have sent shockwaves across global markets. Investors are bearish on the global economy and increasingly turning to products that can help them manage their risk.”
“The rest of the year promises to be particularly busy for us, as we prepare to launch new locally relevant products to provide our members with a wider range of tools to safely protect their investments," the CEO added.