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Gold Futures Contract Specs

Contract Unit 100 troy ounces
Price Quotation U.S. dollars and cents per troy ounce
Trading Hours CME Globex: Sunday - Friday 6:00 p.m. - 5:00 p.m. (5:00 p.m. - 4:00 p.m. /CT) with a 60-minute break each day beginning at 5:00 p.m. (4:00 p.m. CT)

TAS: Sun-Fri 6:00 p.m. - 1:30 p.m. ET (5:00 - 12:30 CT)

TAM:
Asia: Sun - Frid 6:00 p.m. ET - 3:30 p.m. China
London a.m.: Sun-Fri 6:00 p.m. ET - 10:32 a.m. London
London p.m.: Sun-Fri 6:00 p.m. ET - 3:02 p.m. London
CME ClearPort: Sunday - Friday 6:00 p.m. - 5:00 p.m. (5:00 p.m. - 4:00 p.m. /CT) with a 60-minute break each day beginning at 5:00 p.m. (4:00 p.m. CT)
Minimum Price Fluctuation Outright: 0.10 per troy ounce = $10.00

TAS/TAM: Zero or +/- 10 ticks in the minimum tick increment of the outright
Product Code CME Globex: GC
CME ClearPort: GC
Clearing: GC
TAS: GCT
TAM: GCD
Listed Contracts Monthly contracts listed for 3 consecutive months and any February, April, August, and October in the nearest 23 months and any June and December in the nearest 72 months
Settlement Method Deliverable
Termination Of Trading Trading terminates at 12:30 p.m. CT on the third last business day of the contract month.
Trade At Marker Or Trade At Settlement Rules Trading at Settlement (TAS) is subject to the requirements of Rule 524.A. TAS trades off a "Base Price" of zero (equal to the daily settlement price) to create a differential versus the daily settlement price in the underlying futures contract month. The TAS clearing price equals the daily settlement price of the underlying futures contract month plus or minus the TAS transaction price.

Trading at Marker (TAM) is analogous to Trading at Settlement (TAS) wherein parties are permitted to trade at a differential to a not-yet-known price. TAM uses a marker price, whereas TAS uses the Exchange-determined daily settlement price for the underlying futures contract month.

TAS Table
Settlement Procedures Gold Settlement Procedures
Position Limits NYMEX Position Limits
Exchange Rulebook COMEX 113
Block Minimum Block Minimum Thresholds
Price Limit Or Circuit Price Limits
Vendor Codes Quote Vendor Symbols Listing
Delivery Period Delivery may take place on any business day beginning on the first business day of the delivery month or any subsequent business day of the delivery month, but not later than the last business day of the current delivery month.
Grade And Quality Gold delivered under this contract shall assay to a minimum of 995 fineness.

About Gold

Gold futures are hedging tools for commercial producers and users of gold. They also provide global gold price discovery and opportunities for portfolio diversification. In addition, they:

  • Offer ongoing trading opportunities, since gold prices respond quickly to political and economic events
  • Serve as an alternative to investing in gold bullion, coins, and mining stocks

Things to know about the contracts:

  • Physically delivered
  • Block-trade eligible
  • American-style options
  • Can be traded off-exchange for clearing only through CME ClearPort

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