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
