Gold Futures Contract

Description : Gold Futures Contract

Exchange: COMEX division of the New York Mercantile Exchange (NYMEX)

Trading Specifications
Trade Unit-100 troy ounces
Trading Months- Primary gold futures contracts are February, April, June, August, October, and December. Six other months also trade, but with lesser volume and open interest

Margin Requirements
Non-Member Customer 3,375 or (135%)
Member Customer 2,500 or (100%)
Clearing Member/Maintenance 2,500 or (100%)

Daily Price Fluctuation limits
Min - $0.10 (10 cents) per troy ounce ($10.00 per contract).
Max – Initial price limit is based upon the preceding day’s settlement price. Two minutes after either of the two most active months trades at limit, all trading stops for a 15 min period. When trading resumes the price limits will be expanded by increments of 100%.

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 gold 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.

Delivery Period
All deliveries must be initiated on or after the first day of the delivery month and the last delivery day is the last business day of the delivery month.

Grade and Quality Specifications
In fulfillment of each gold futures contract, the seller must deliver 100 troy ounces (about 5%) of refined gold, assaying not less than .995 fineness, cast either in one bar or in three one-kilo bars and bearing a serial number and identifying stamp of a refiner approved and list by the Exchange.

Cycle of futures trading