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.
Trading unit: 100 ounce
Quotation unit: USD/oz
Trading time:
The bidding transaction time is from 08: 20 to 13: 30 on the same day.
Electronic trading after hours is from Monday to Thursday: 14: 00 to 08: 00 the next day.
Friday: 14: 00 to the same day: 17: 15.
Sunday: 18: 00 to 08: 00 the next day.
Transaction month: in the next two calendar months, 10 in all February, April and August, 23 months, and 12 months in all June and 60 months.
Minimum price fluctuation: 0. 10 USD/oz, that is, 10 USD/lot, and the point value is 100 USD/lot.
Last trading day: the third trading day before the last working day of each month.
Delivery cycle: from the first working day to the last working day of the delivery month.
Futures-spot conversion (EFP): the buyer or seller can use the same number of futures contracts to convert spot positions; EFP can be used to open or close positions.
Grade and quality requirements: the purity is not less than 99.5%.
Spot gold trading is a kind of contract trading based on the principle of capital leverage. The right to buy 100 ounces of gold at the price of one ounce according to the trading standards of the international gold deposit contract. Use the trading right of 100 ounce of gold to buy up and sell down, and earn the difference profit in the middle. And if you make up the difference, you can extract physical gold. Minimum 100 ounce.
Market makers (that is, the four international gold merchants): HSBC, Maple Leaf Bank and Lochiel International Investment Bank.
Quotation: the international unit of valuation is USD/oz, which is settled in USD, and RMB is converted into USD according to the bank exchange rate.
(1 oz = 31.1035g)
Trading hours: 24 hours a day, closed on weekends, opening hours (Monday 07:00- Saturday 4; 00) It closes at 4 o'clock from summer to Sunday and at 4 o'clock from winter to Sunday. Trading time of gold investment: Europe (summer solstice): 16: 00-23: 30 America (summer solstice): 20: 20-0 1: 30.
Contract unit: 1 hand = 100 ounce. Minimum fluctuation: 0.0 1 USD/oz.
Contract specifications: standard order: 1 lot = 100 ounce contract margin: 1000 USD (that is, 1000 USD can be bought 1 lot), and the margin of each trader is different. Relatively speaking, a higher margin is conducive to investors' risk management.
Total contract price: spot gold price * 100 (ounce) *6.64 (real-time exchange rate of USD against RMB). For example, the spot gold price is now $900 per ounce.
Mechanism: Stop loss and stop profit limit orders can be set for this order at the same time when entering the market.
Long: the profit of buying at a low price and selling at a high price.
Buy down (short): sell at a high price, buy at a low price, and make a profit.
Transaction form: T+0 form is buying and selling, two-way operation, and the form is down payment (deposit).
Handling fee 100 USD.
The difference is charged by the dealer. Because it is a transaction in the form of margin, the handling fee is charged at the front end and deducted when each order is clinched. Therefore, after all orders are closed, the profit and loss are negative.
A more detailed comparison, I hope it will help you!