If you are interested in trading on commodity markets, sooner or later you will encounter gold futures. This is not just a financial instrument — it is a whole ecosystem with its own rules, features, and nuances.

The basic idea is simple: a gold futures contract is a forward contract where gold acts as the underlying asset. But behind this simplicity lies a rather complex structure. Each contract contains many parameters — margin coefficient, delivery month, minimum fluctuation range, daily limits for price increase and decrease, delivery method. If you want to trade, you need to open an account with a broker, and then your profit or loss will depend on the difference between the entry and exit prices. If you hold the contract until maturity, physical delivery of gold will occur.

In practice, the most well-known and active market is New York Gold on COMEX (New York Mercantile Exchange). It is truly a huge market where the main volume of gold futures trading in the world takes place. On COMEX, there are two options available: a standard contract for 100 ounces and a mini-contract for 50 ounces. The quality is strictly defined — 99.5% pure gold. The minimum price step for the mini-futures is $0.25 per ounce. An interesting point: trading is conducted on an open auction basis, similar to stock markets. The exchange itself does not participate in transactions; it simply provides the platform, sets the rules, and guarantees fair play. Trading runs almost 24 hours a day — 23 hours, except for weekends. The only break is from 5:15 to 6:00 a.m. local time, when settlement occurs.

But on the Shanghai Futures Exchange, the approach is quite different. There, the gold contract is designed for 1 kilogram, and traders can use leverage of about 7 times. The system supports T+0 trading and two-way positions, dividing trading into day and night sessions. The minimum price change is 0.02 yuan per gram, and the minimum margin is 8% of the contract value. However, during strong market fluctuations, these parameters may be temporarily adjusted.

So, if you plan to trade gold futures, keep in mind: each exchange has its own philosophy, rules, and features. The choice depends on which trading style is closer to you and which conditions suit you best.