COMEX Gold Futures Contracts: A Leverage Mechanism for Speculators and Hedgers

A gold futures contract is a standardized agreement to buy or sell 100 troy ounces of 0.995-fine gold at a set price on a future date, traded on COMEX and mostly settled in cash.

Each contract moves $10 for every $0.10 the price moves per ounce, offering significant leverage that can cut both ways.

Nearly nobody takes physical delivery of their gold futures contract, instead closing or rolling it forward before the expiration date.