The Dubai Gold and Commodities Exchange (DGCX) has enrolled its best ever month in its 14-year history, recording volumes of 2.382 million lots esteemed at over USD 39.2 billion in July, breaking the Exchanges past single month trading record of 2.16 million set in May 2018.

The stand-out performing contract in July was the Indian Rupee Quanto futures, which recorded its best month since inception with an aggregate of 1,106,309 contracts traded, up 192% year-on-year (Y-O-Y). DGCXs flagship Gold Futures item also underpinned last months trading, building on its strong execution in June on the back of global instability, trading 61,764 contracts, up 209% Y-O-Y.

Les Male, CEO of DGCX, remarked: Trading and clearing more than 2.38 million contracts in a single month is an astounding accomplishment for the DGCX, and exhibits our strong momentum and increasing appeal to investors and traders. Julys record trading numbers were driven by proceeded with geopolitical tension and uncertainty, with the UK welcoming a new Prime Minister at a critical moment during the Brexit procedure, expanded tensions between the US and UK with Iran, and an economic deal between the US and China showing few indications of progress.

INR trading this month was particularly noteworthy, with trading of our INR Quanto futures product surpassing the 1 million mark in a month for the first time ever. The new record was set as investors looked for new hedging tools to match their increasingly complex needs, and turned to markets like the DGCX to fulfill these requirements.

Euro Futures also performed strongly last month, recording its second most noteworthy Average Open Interest of 3,683. Open Interest is the aggrediate number of outstanding futures contracts held by market participants and is regarded as a leading performance indicator in the industry.