Dubai – Mubasher: The Dubai Gold and Commodities Exchange (DGCX) on Monday said it saw an increase in gold and currencies trading in June.
This surge was attributed to “the listing of additional ‘calendar spreads’ on the exchange’s gold futures and G6 currency contracts,” DGCX added in a statement.
The exchange’s precious metals segment witnessed a good performance in the first half of 2017, despite the unstable economic and geopolitical events around the world.
“DGCX’s robust performance in the first half of the year was influenced by two key factors; changes being rolled out by President [Donald] Trump’s policy initiatives, elections in the UK with the start of Brexit negotiations, and other global geopolitical developments,” DGCX’s CEO Gaurang Desai said, commenting on the H1-17 performance.
Shanghai gold futures and spot gold enjoyed record volumes in June, trading their highest monthly volumes and their highest average open interest (AOI), the Dubai-based exchange revealed.
“The Loco-Dubai Spot Gold contract achieved its highest monthly volume of 4,702 contracts with a traded value of $189.62 million, while it was also a record month for deliveries with over 335 kg being exchanged,” the statement showed, noting that the contract jumped 1,766% over the year-ago period.
Recording a monthly high of 3,433 contracts, the Yuan-denominated Shanghai gold futures logged a value of $967.43 million.
“G6 currencies continued their upward trajectory in June 2017 vis-à-vis the same period last year with volumes up in Japanese yen (313%), euro (56%), Canadian dollar (815%) and Swiss franc (692%); aided by the aforementioned calendar spreads,” the DGCX stated.
