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DGCX gold, silver contracts keep growing

reporters@khaleejtimes.com Filed on April 1, 2021
The DGCX’s flagship Shariah-compliant spot gold contract recorded a average daily volume growth of 151 per cent. — Reuters

The DGCX Group’s best-performing product segment was precious metals, with its silver futures contract recording a year-to-date volume growth of 209 per cent compared to the same period last year.

The Dubai Gold and Commodities Exchange (DGCX) on Thursday announced that during March, it registered a monthly average open interest of 191,974 contracts, keeping the momentum for its products growing.

Once again, the DGCX Group’s best-performing product segment was precious metals, with its silver futures contract recording a year-to-date volume growth of 209 per cent compared to the same period last year. Additionally, the DGCX’s flagship Shariah-compliant spot gold contract recorded a average daily volume growth of 151 per cent.

Les Male, CEO of the 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 Shariah-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 Shariah-based silver futures contract.”

— business@khaleejtimes.com

Staff Reporter





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