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Gold Futures Specifications

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GOLD

Gold Futures Contract Specifications

The gold contract specifications tell you how the gold futures trade, not how to trade to gold futures. Before you consider opening a commodity futures account, you should consult with a licensed commodities broker. The flexibility of futures trading allows gold investors to experience profit or loss if the market goes up, down or sideways.

GOLD FUTURES

Trading Units

100 troy ounces.

Price Quotation

U.S. dollars and cents per troy ounce.

Trading Hours (All times are New York time)

Open outcry trading is conducted from 8:20 AM until 1:30 PM.

Electronic trading is conducted via the CME Globex® trading platform from 6:00 PM Sundays through 5:15 PM Fridays, Eastern Time, with a 45-minute break each day between 5:15 PM and 6:00 PM. Off-Exchange transactions can be submitted solely for clearing to the NYMEX ClearPort® clearing website as an exchange of futures for swaps (EFS) or exchange of futures for physicals (EFP) transaction until 5:15 PM, Monday through Friday, and the day preceding a holiday.

Trading Months

Trading is conducted for delivery during the current calendar month; the next two calendar months; any February, April, August, and October falling within a 23-month period; and any June and December falling within a 60-month period beginning with the current month.

Minimum Price Fluctuation

 $0.10 (10¢) per troy ounce ($10.00 per contract).

Last Trading Day

Trading terminates at the close of business on the third to last business day of the maturing delivery month.  

Delivery   

Gold delivered against the futures contract must bear a serial number and identifying stamp of a refiner approved and listed by the Exchange. Delivery must be made from a depository licensed by the Exchange.

Complete delivery rules and provisions are detailed in Chapter 113 of the Exchange Rulebook.

Delivery Period

The first delivery day is the first business day of the delivery month; the last delivery day is the last business day of the delivery month.

Exchange of Futures for Physicals (EFP)

The buyer or seller may exchange a futures position for a physical position of equal quantity. EFPs may be used to either initiate or liquidate a futures position.

Grade and Quality Specifications

In fulfillment of each contract, the seller must deliver 100 troy ounces (±5%) of refined gold, assaying not less than .995 fineness, cast either in one bar or in three one-kilogram bars, and bearing a serial number and identifying stamp of a refiner approved and listed by the Exchange. A list of approved refiners and assayers is available from the Exchange upon request.

Position Accountability Levels and Limits

Any one month/all months: 6,000 net futures equivalent, but not to exceed 3,000 in the spot month.

Margin Requirements

Margins are required for open futures positions.

Trading Symbol

GC

Click here to contact a commodities broker with experience in the gold market.

Commodity trading is not suitable for everyone. The risk of loss in trading can be substantial. The risk of loss in trading can be substantial. This material has been prepared by a sales or trading employee or agent of Van Commodities, Inc. and is, or is in the nature of, a solicition. This material is not a research report preparfed by Van Commodities, Inc. Research Department. Please view our Risk Disclaimer.

 
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