Spot gold price is 1 ounce =337.85 USD.
Forward interest rate 6%
Duration 180 days
The forward fee is 337.85× 6 %× (180/360) =10.14 (USD).
6-month forward price per ounce = spot price+forward fee = 337.85+10.14 = 347.99 (USD).
After the transaction is completed, 100 ounces of gold will be credited to the customer's gold account, with the value date of 65438+10.8. On the same interest date, the customer's USD account will be credited with USD 34,799.
A month later, the price of gold rose to $367.85 per ounce, while the five-month deposit rate was 5.5%. Speculators sell 100 ounce of gold, and the forward handling fee is:
367.85× 5.5 %× (180/360) = 8.43 (USD)
Forward price = spot price+forward fee =367.85+8.43=376.28 (USD) selling price 100 oz = 37,628 USD.
Therefore, speculators debit 65,438+000 ounces of gold from their gold accounts, and the value date is 65,438+065,438+0.8. On the same interest payment date, his dollar account was credited with $37,628. On June 8th 165438+, the speculator's gold account balance was zero, while his dollar account balance was (37628-34799) = 2829 dollars.
The transaction of selling precious metals such as forward gold is suitable for hedging, and it is also suitable for those who do not need to cash out immediately to obtain equivalent currency funds, gold producers who want to sell their futures, and speculators who think that the price of gold will fall. The buyers of forward gold are mainly industrial precious metal users and speculators who think the price of gold will rise.