The standard trading volume of gold futures is 100 moz, and the trading volume of a contract is 100 moz.
Minimum change unit: 1 ounce. (1) as the highest price per ounce of gold in the first quarter;
(2) As the lowest price per ounce of gold in the first quarter;
(3) As the delivery month;
(4) as the highest price per ounce of the day;
(5) as the lowest price per ounce of the day;
(6) The closing price of the day;
(7) As the difference between today's price and the previous day's price;
(8) Number of contracts listed as unfinished.
Taking the third behavior as an example, the delivery month is June, and the quarterly highest price 1 oz =4 18.50 USD, the lowest price 1 oz =327. 10 USD, the highest price 1 oz =340.80 USD, and the lowest price/oz. On April 8th, the closing price was 0.80 USD lower than that on April 7th, and there were still 78 1 10 contracts open.
Gold futures, like general commodity futures, adopt the daily mark-to-market settlement method. Assuming that the initial margin is 4% of the trading volume, the margin for buying A futures on the June delivery date is 1347.6 USD (4%×336.9× 100), and if 70% of the initial margin is maintained, it will be 943.32 USD. The table shows that the closing price on April 8 is $0.80 lower than that on April 7. The futures buyer lost $80 (0.80× 100) that day, and this $80 should be deducted from his deposit. If the closing price on April 8th is 0.80 USD higher than that on April 7th, and the buyer's deposit has increased by 80 USD, the buyer can withdraw the 80 USD from his deposit account. This daily mark-to-market settlement system enables the profits and losses of futures trading to be realized immediately. This is the main difference between gold futures contracts and forward contracts.
Gold futures trading is essentially a trading margin system, so it is suitable for gold speculative trading and hedging trading.
For example, speculators in a gold transaction predict that the price of gold futures will rise according to relevant information. He decided to buy the cheap one first, and then sell the expensive one after the price went up. On April 8th, he bought a gold futures for delivery in June at the price of 1 ounce =336.9 USD, with a total value of 33,690 USD (336.9× 100). By May 8th, the price of gold futures for June delivery rose to 1 ounce =356.9 USD, and speculators immediately decided to sell a June futures.
Table the New York Mercantile Exchange Gold Futures Exchange 100 Moz US dollar futures price for monthly delivery. The original net profit of hedging is USD 2,000 (35,690-33,690). If speculators think that the price of gold futures will continue to fall, they will sell it at a high price, and then buy it at a low price after the price falls, and the original hedging transaction will make a profit. (1) (2) (3) (4) (5) (6) (7) (8) The highest price and lowest price are open in the current month. The highest price and lowest price change contract 410.00325.804 339.40 336.0 337.60-O.80/. 222 339.40 339.40 5338.20-0.80 18050 345.90-0.90 4720 383.00 332.80 6347.20- 1.00 3 123 385.50 34 1.50 8348.80- 1 .103100 352.00 344.00 65438 Through futures trading, the manufacturer successfully hedged the value of spot trading, preventing the risks of gold spot price rising, production cost increasing and profit decreasing. Date Spot Market Futures Market May 10 Expected June
1 oz = $340
Buy 1000 oz
The value is $340,000 1 oz = $345.
Buy 10 futures contract for delivery in August.
It's worth $345,000 per 100 ounce. May 20th, 1 oz = 360 USD.
Buy 1000 oz
Spend 360 thousand dollars
Loss of $20,000 1 oz = $365.
Sell 10 8-day delivery futures contract.
Worth $365,000.
The profit is 20 thousand dollars