METALSGold Futures and Options
Gold’s importance in global markets and responsiveness to world events make ourCOMEX Gold Futures and Option contracts globally relevant, liquid financial
instruments. They are used extensively as a hedge against inflation and are a safe
haven in times of financial uncertainty. Our suite of gold products includes standard(100 oz.), E-mini (50 oz.) and Micro (10 oz.) contracts, providing market users withflexibility and choice in tailoring their risk management programs. These contracts
are available on the CME Globex electronic trading platform and for over-thecounter (OTC) clearing through CME ClearPort.

Futures Market Characteristics• The COMEX Gold futures contract is a global benchmark.
• Gold that is eligible for delivery is stored in Exchange approved depositories.
• Market participants include mining companies, refineries, banks, hedge funds and CTAs, proprietary trading firms, and active
individual traders.

Transparency, Flexibility, Security• Market participants are provided with a central point of price discovery, price transparency, risk management, mitigation ofcounterparty credit risk and CFTC oversight.
• Price may be managed separately from physical supply.
• Contracts are listed for 72 months forward, enabling the establishment of a forward price curve.
• Electronic futures trading is available on CME Globex, the world’s leading electronic trading platform, facilitating risk
management opportunities for market participants around the globe.
• OTC transactions can be submitted for clearing through CME ClearPort, giving market participants unparalleled flexibility to
conduct off-exchange business, negotiate prices and still take advantage of the benefits of central counterparty clearing.
• By serving as the buyer to every seller and the seller to every buyer, CME Clearing virtually eliminates credit risk for eachmarket participant.

GOLD FUTURES CONTRACT SPECIFICATIONSPRODUCT SYMBOLGC
CME Globex: Sunday - 5:00 p.m. - Friday 4:00 p.m. CT with a 60-minute break each day beginning at
5:00 p.m. (4:00 p.m. CT)
TAS: Sun-Fri 6:00 p.m. - 1:30 p.m. ET (5:00 - 12:30 CT)
TAM:

VENUE AND HOURS

Asia: Sun - Fri 6:00 p.m. ET - 3:30 p.m. ChinaLondon a.m.: Sun-Fri 6:00 p.m. ET - 10:32 a.m. London
London p.m.: Sun-Fri 6:00 p.m. ET - 3:02 p.m. London
CME ClearPort: Sunday 5:00 p.m. - Friday 4:00 p.m. CT with no reporting Monday - Thursday from4:00 p.m. – 5:00 p.m. CT

CONTRACT SIZE

100 troy ounces

PRICE QUOTATION

U.S. dollars and cents per troy ounce

MINIMUM PRICE
FLUCTUATION$0.10 per troy ounce

TERMINATION/EXPIRATION

Trading terminates on the third last business day of the delivery month.

LISTED CONTRACTS

Trading is conducted for delivery during the current calendar month; the next two calendar months;
any February, April, August, and October falling within a 23-month period; and any June andDecember falling within a 72-month period beginning with the current month.

SETTLEMENT TYPE

Physical

DELIVERY PERIOD

Delivery may take place on any business day beginning on the first business day of the delivery monthor any subsequent business day of the delivery month, but not later than the last business day of thecurrent delivery month.

TRADING AT SETTLEMENT(TAS) AND TRADING AT
MARKER (TAM)

Trading at Settlement (TAS) is subject to the requirements of Rule 524.A. TAS trades off a “Base Price”
of zero (equal to the daily settlement price) to create a differential versus the daily settlement price inthe underlying futures contract month. The TAS clearing price equals the daily settlement price of theunderlying futures contract month plus or minus the TAS transaction price.
Trading at Marker (TAM) is analogous to Trading at Settlement (TAS) wherein parties are permitted totrade at a differential to a not-yet-known price. TAM uses a marker price, whereas TAS uses theExchange-determined daily settlement price for the underlying futures contract month.
https://www.cmegroup.com/trading/files/tas-tam-eligibility.xlsx

GRADE AND QUALITY
SPECIFICATIONSGold delivered under this contract shall assay to a minimum of 995 fineness.

RULEBOOK CHAPTERCOMEX 113
This contract is listed with, and subject to, the rules and regulations of COMEX.

GOLD OPTION CONTRACT SPECIFICATIONSPRODUCT SYMBOLOG

VENUE AND HOURSCME Globex and CME ClearPort: Sunday – Friday 5:00 p.m. – 4:00 p.m. Chicago Time/CT with anhour break each day beginning at 4:00 p.m. CT

CONTRACT SIZE100 troy ounces

PRICE QUOTATION

U.S. dollars and cents per troy ounce

MINIMUM PRICE
FLUCTUATION$0.10 per troy ounce

TERMINATION/EXPIRATION

Expiration occurs four business days prior to the end of the month preceding the option contract
month. If the expiration day falls on a Friday or immediately prior to an Exchange holiday, expiration
will occur on the previous business day.

LISTED CONTRACTS

Gold futures options shall be listed for trading in each of the nearest twenty (20) consecutive futurescontract months. In addition, June and December will be listed for 72 months from the current listed month.

SETTLEMENT TYPE

Deliverable

RULEBOOK CHAPTERCOMEX 115
This contract is listed with, and subject to, the rules and regulations of COMEX.

GOLD WEEKLY OPTION CONTRACT SPECIFICATIONSGOLD WEEKLY MONDAYOPTIONGOLD WEEKLY WEDNESDAYOPTIONGOLD WEEKLY FRIDAYOPTIONPRODUCT SYMBOL

G1M, G2M, G3M, G4M, G5M

G1W, G2W, G3W, G4W, G5W

OG1, OG2, OG3, OG4, OG5

VENUE AND HOURSCME Globex and CME ClearPort: Sunday - Friday 5:00 p.m. - 4:00 p.m. CT with a 60-minutebreak each day beginning at 4:00 p.m. CT

CONTRACT SIZE

100 Troy Ounces

PRICE QUOTATION

U.S. dollars and cents per troy ounce

MINIMUM PRICE FLUCTUATION$0.10 per troy ounce

EXPIRATION

Trading terminates on Mondayof the contract week

LISTED CONTRACTS

Weekly contracts listed for 4 consecutive weeks. No weekly contract listed with the same expiry as
the monthly option

RULEBOOK CHAPTERCOMEX 1008
This contract is listed with, and subject to, the rules and regulations of COMEX.

Trading terminates on
Wednesday of the contract week

Trading terminates on Fridayof the contract week

E-MINI GOLD FUTURES CONTRACT SPECIFICATIONSPRODUCT SYMBOLQOVENUE AND HOURSCME Globex and CME ClearPort: Sunday – Friday 5:00 p.m. – 4:00 p.m. Chicago Time/CT with anhour break each day beginning at 4:00 p.m. CT

CONTRACT SIZE

50 troy ounces

PRICE QUOTATION

U.S. dollars and cents per troy ounce

MINIMUM FLUCTUATION$0.25 per troy ounce

FLOATING PRICE

The floating price for each contract month is equal to the COMEX Gold futures contract’s
settlement price for the corresponding contract month on the third last business day of the monthprior to the named contract month.

TERMINATION OF TRADING

Trading terminates on the third last business day of the month preceding the delivery month.

LISTED CONTRACTS

Trading is conducted for delivery in any February, April, June, August, October, and December
falling within a 24-month period for which a 100 Troy Ounce Gold futures contract is listed.

SETTLEMENT TYPE

Financial

RULEBOOK CHAPTERCOMEX 911
This contract is listed with, and subject to, the rules and regulations of COMEX.

MICRO GOLD FUTURES CONTRACT SPECIFICATIONSPRODUCT SYMBOLMGCVENUE AND HOURSCME Globex and CME ClearPort: Sunday – Friday 5:00 p.m. – 4:00 p.m. Chicago Time/CT withan hour break each day beginning at 4:00 p.m. CT

CONTRACT SIZE

10 troy ounces

PRICE QUOTATION

U.S. dollars and cents per troy ounce

MINIMUM FLUCTUATION$0.10 per troy ounce

TERMINATION OF TRADING

Trading terminates on the third last business day of the delivery month.

LISTED CONTRACTS

Trading is conducted for delivery in any February, April, June, August, October, and December
falling within a 24-month period for which a 100 Troy Ounce Gold futures contract is listed.

SETTLEMENT TYPE

Physical – The medium of exchange is an “ACE”, Accumulated Certificate of Exchange, not a 10ounce gold bar. Upon delivery of an E-micro Gold futures contract, the buyer receives/seller
delivers an ACE, issued by the CME clearing house. An ACE represents a 10% ownership in a
100-Troy Ounce Gold bar held in the form of a COMEX gold warrant.

TRADE AT SETTLEMENT (TAS)

Trading at Settlement (TAS) is subject to the requirements of Rule 524.A. TAS trades off a “BasePrice” of zero (equal to the daily settlement price) to create a differential versus the daily
settlement price in the underlying futures contract month. The TAS clearing price equals the daily
settlement price of the underlying futures contract month plus or minus the TAS transaction
price.
https://www.cmegroup.com/trading/files/tas-tam-eligibility.xlsx

DELIVERY PERIOD

Delivery may take place on any business day beginning on the first business day of the delivery
month or any subsequent business day of the delivery month, but not later than the last business
day of the current delivery month.

GRADE AND QUALITYSPECIFICATIONSGold delivered under this contract shall assay to a minimum of 995 fineness.

RULEBOOK CHAPTERCOMEX 120
This contract is listed with, and subject to, the rules and regulations of COMEX.

For more information on our suite of gold products, please visit cmegroup.com/gold,or email metals@cmegroup.com

cmegroup.com
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