March 29, 2023

Dubai Week

Complete Dubai News World


The pace of Indian rupee and West Texas crude deals in the gold market in October

The Dubai Gold and Commodities Exchange (DGCX) recorded a significant increase in the portfolio of Indian rupee products in October, in the light of volatility in the market as market participants move to protection against risks.

The Indian rupee’s weekly futures contracts traded higher in October against the US dollar, registering an annual growth of 119.19% on average daily trading. The Indian rupee’s mini futures contract also grew at an average annual rate of 85.21% year-on-year compared to the same period last year.

Interest in the Texas interim crude futures deal in the Dubai gold and commodities market continued last month as US crude prices hit a seven-year high in the last week of October. The Texas Intermediate crude futures contract recorded 44.73% year-on-year growth in average daily trading volume compared to the same period last year.

Strategic efforts

Following the Memorandum of Understanding between DGCX and the Victoria Falls Exchange, the management of the DGCX Group participated in a four-day workshop with the Victoria Falls Exchange in Zimbabwe.

The workshop served as a key platform for the DGCX team to provide knowledge, technical expertise, best practices and support for setting up international freight exchanges in Zimbabwe to Victoria Falls Exchange representatives and selected Zimbabwean market participants. The Commodity Exchange, which the parties intend to establish, is expected to be a key part of the planned maritime financial service center in Zimbabwe.

Les Mel, CEO of DGCX, said: “We have seen an increase in interest in currency products, precious metals and Indian rupee contracts this month as market participants are looking for short-term contracts and arbitration opportunities tailored to their business and meetings.

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The Dubai Gold and Commodity Exchange saw strong trading activity in its precious metals products in October, with the gold futures contract on the exchange registering an average daily trading volume of 32.62% year-on-year compared to the same period last year. The exchange re-recorded a high monthly open interest rate of 135,828 contracts in October.