FAQ – Gold Futures

Please visit our E Mini Futures Day Trading Course at www.Easy-Emini.com

While much of our focus on this blog is E Mini stock index trading I know that there is a huge following for gold futures. To that end I thought I would supply you some assistance on getting your questions answered when it comes to trading gold futures. First, let’s start with the basics:

WHERE ARE GOLD FUTURES TRADED: COMEX Gold futures are traded on the COMEX division of the NYMEX under ticker symbol GC in U.S dollars and cents per troy ounce.
Its precious metals volume exceeds that of all other futures exchanges put together and it attracts world-wide participation, with many traders in Europe, the Middle East and East Asia remaining in their offices until COMEX closes. This gives COMEX unique liquidity, which in turn is much of the reason for its success. Trading hours reflect this and the exchange has opened progressively earlier to suit overseas clients.
WHAT ARE GOLD FUTURES TRADING HOURS: Trading hours futures and options: 8.20 am to 2.30 pm New York time.
After hours futures trading are also available on the NYMEX ACCESS SM electronic trading system, beginning at 4.00 pm on Monday to Thursday and concluding at 7.00 am the following day. On Sundays the electronic session begins at 7.00 pm. All times are New York time.
ARE THE NYMEX AND COMEX THE SAME THING: In 1994, COMEX merged with the New York Mercantile Exchange (NYMEX) and is officially the COMEX division of NYMEX, but it is always referred to as COMEX.

WHAT ARE THE CONTACT SPECIFICATIONS FOR GOLD FUTURE: COMEX Futures
• The COMEX gold futures contract was launched on 31 December 1974.
• The COMEX gold futures contract is based on 100 ounces of gold.
• Prices are quoted in multiples of ten cents per ounce, or $10 per contract.
• COMEX futures are listed on the current calendar month and the next two months and every February, April, June, August, October and December in a 23 month period.
• The June and December contracts are listed out to 60 months to provide expanded trading opportunities for hedgers and speculators.
• Last day of trading for a gold futures contract is the third last business day of the delivery month.
• Delivery is made in registered depository receipts issued by exchange-approved depositories in New York.
• Deliverable gold must be cast in one 100-ounce or three one kilo bars by an exchange-approved refiner and assayed at no less than 995 fineness.
• Turnover on the exchange is usually eight to nine million contracts annually, but in 1999 rose to 9.58 million.
• Open Interest is published daily. It indicates the number of contracts which have not been fulfilled, either by making or taking delivery or by liquidation. The level of open interest is an important signpost to both liquidity and the activity in a given trading month.


Please visit our E Mini Futures Day Trading Course at www.Easy-Emini.com

Futures trading involves substantial risk and is not suitable for all investors