Gold Futures and Options

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COMEX Division Gold Futures and Options Contract

Trading Unit

Futures: 100 troy ounces, 5%.

Options: One COMEX Division gold futures contract

Trading Hours

Futures and Options: 8:20 A.M. to 2:30 P.M. for the open outcry session.

Trading Months

Futures: Trading is conducted for delivery during the current calendar month, the next two calendar months, any February, April, August, and October thereafter falling within a 23-month period, and any June and December falling within a 60-month period beginning with the current month.

Options: The nearest six of the following contract months: February, April, June, August, October, and December. Additional contract months - January, March, May, July, September, and November - will be listed for trading for a period of two months. A 24-month option is added on a June-December cycle. The options are American-style and can be exercised at any time up to expiration.

On the first day of trading for any options contract month, there will be 13 strike prices for each puts and calls.

Price Quotation

Futures and Options: Dollars and cents per troy ounce.

Minimum Price Fluctuation

Futures: Price changes are registered in multiples of $0.10 per troy ounce, equivalent to $10 per contract. A fluctuation of $1 is, therefore, equivalent to $100 per contract.

Options: $0.10 per troy ounce.

Minimum Daily Price Fluctuation

Futures: Initial price limit, based upon the preceding day's settlement price is $75 per ounce. Two minutes after the two most active months trades at the limit, trade in all months of futures and options will cease for a 15-minute period. Trading will also cease if either of the two active months is bid at the upper limit or offered at the lower limit for two minutes without trading.

Trading will not cease if the limit is reached during the final 20 minutes of a day's trading. If the limit is reached during the final half-hour of trading, trading will resume no later than 10 minutes before the normal closing time. When trading resumes after a cesation of trading, the price limits will be expanded by increments of 100%.

Options: No price limit.

Last Trading Day

Futures: The third to last business day of the maturing delivery month.

Options: Second Friday of the month prior to the delivery month on the underlying futures contract.

Exercise of Option

Until 3:00P.M., New York Time, on any business day for which the option is listed for trading. On expiration day, the buyer has until 4:00P.M., New York time, to exercise an option.

Option Strike Price Intervals

$10 per ounce apart for strike prices below $500, $20 per ounce apart for strike prices between $500 and $1,000, $50 per ounce apart for strike prices above $1,000.

Delivery

Gold delivered against the futures contract must bear a serial number and identifying stamp of a refiner approved and listed by the COMEX Division. Delivery must be made from a depository located in the Borough of Manhattan, City of New York, licensed by the exchange.

Delivery Period

The first notice day is the last business day of the month prior to the maturing delivery month. The last notice day is the second to last business day of the maturing delivery month. The last trading day is the third to last business day of the maturing delivery month.

Margin Requirements

The New York Mercantile Exchange requires its market participants to deposit and maintain in their accounts a certain minimum amount of funds for each open position held. These funds are known as margin, and represent a good faith deposit that serves to provide protection against losses in the market. The COMEX Division clearinghouse collects margin directly from each of its clearing members who, in turn, are responsible for the collection of funds from their clients. Margins are required for open futures and short options positions. The margin requirements for an options purchaser is included in the cost of the premium.

Margin requirements and contract specifications are subject to change, please contact the Exchange or your broker for current information.

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See also the Gold Futures Options Trading Special Report