Friday 14: 00 to the same day17:15; Sunday 18: 00 to 08: 00 the next day;
The trading month is 1 month and the next two calendar months, all February, April and August, 10 month in 23 months, and 12 month in all June and 60 months.
American gold, represented by the New York Mercantile Exchange and IMM, is actually based on a typical futures market, and its trading is similar to other commodities traded in this market.
As a non-profit organization, the futures exchange itself does not participate in trading, but only provides trading venues and equipment. At the same time, formulate relevant laws and regulations to ensure fair and just transactions and strictly monitor transactions.
The gold markets in new york and Chicago developed in the mid-1970s. The main reason is that after 1977, the dollar depreciated, and Americans (mainly corporate bodies) made profits by hedging and investment appreciation, which made gold futures develop rapidly.
At present, the New York Mercantile Exchange and Chicago Mercantile Exchange (IMM) are the largest gold futures trading centers in the world. The two major exchanges have a great influence on the price of gold in the spot gold market.
Take the New York Mercantile Exchange as an example, the exchange itself does not participate in futures trading, but only provides a place and facilities, and has formulated COMEX laws and regulations to ensure that both parties to the transaction conduct transactions under the premise of fairness and reasonableness.
The institute has a very detailed and complicated description of the weight, fineness, shape, upper and lower limits of price fluctuation, trading date and trading time of gold traded in spot and futures. COMEX gold is one of the representative trading varieties in new york Stock Exchange.
Pricing power:
At present, the pricing power of global gold is mainly dominated by American and European markets.
The international gold price is mainly formed by the gold contracts of two major exchanges: COMEX (the New York Mercantile Exchange) gold futures and LBMA (London Gold and Silver Market Association) spot gold prices.
Among them, COMEX gold in the United States has the strongest influence on the pricing power of gold in the world.
Although the spot gold trading volume of Shanghai Gold Exchange ranks first in the world, its pricing discourse power is almost zero and can be ignored.
However, the trend of "commercial short" (blue line) in the COT report is completely opposite to that of gold price. Commercial positions are generally positions of gold suppliers, demanders, gold mining companies, etc. Countries with safe-haven demand for gold.
In commercial positions, empty orders are higher than multiple orders for a long time. Among them, CFTC regards the hedging of index funds in the futures market as a commercial hedging behavior, which belongs to the category of commercial positions.
The commodity investment of index funds is only long and not short, so it needs to be sold and hedged in the futures market.