The gold market in new york has developed rapidly since the United States abolished the law of 1974 that American residents own gold. At present, the New York gold market is the largest gold futures distribution center in the world. The New York Mercantile Exchange itself does not participate in futures trading, but only provides a place and facilities to formulate COMEX laws and regulations, so as to ensure that both parties to the transaction conduct transactions under the principle of openness and fairness. All gold traded in new york must be traded on the NYSE through public bidding; Any buyer or seller has the opportunity to trade at the best price. Like other futures exchanges, the New York Mercantile Exchange has extremely complicated regulations on spot and futures contracts. The unit of its futures contract is 100 gold ounce, and the minimum price change is 10 cent/ounce.

The average daily trading volume of this market is about 30,000 transactions, and the turnover is about 70 tons of gold. Most participants do not pursue the expiration of real gold delivery, but make more profits through short selling contracts. The market only needs to keep a certain inventory to cope with a large number of contracts accumulated by a few lawless elements. Take 1983 new york and Chicago gold markets as examples. At present, the property is ***433.7 tons, and the actual inventory is only 79.3 tons, which is enough to meet the market demand. Due to the huge volume of futures trading, the price of gold in new york market is sometimes more valuable than that in London and Zurich.