The ancient Egyptians were the first to smelt gold around 3600 B.C. A thousand years later, gold jewelry emerged as the goldsmiths of ancient Mesopotamia crafted a burial headdress made of lapis, carnelian beads and leaf-shaped gold pendants. Since these early days, mankind has been captivated by gold, and the desire to own it has led to great gold rushes and wars. In 1511, King Ferdinand of Spain declared, "Get gold, humanely if you can, but at all hazards, get gold!” Today, gold is sought after for investment purposes and a strong jewelry market and is also used in the manufacturing of numerous electronic and medical devices.
Contract Specifications
Ticker Symbol |
GC (CME Globex) |
Contract Size |
100 troy ounces |
Contract Months |
G, J, K, M, Q, V, Z |
Trading Hours |
CME Globex: Sunday – Friday, 6:00 p.m. – 5:00 p.m. (there’s an hour break from 5:00 to 6:00 p.m. each day) |
Last Trading Day |
The third last business day of the delivery month |
Price Quote |
U.S. dollars and cents per troy ounce |
Tick Size |
$0.10 per troy ounce ($10 per contract) |
Production
Gold-mining operations take place on every continent except Antarctica. Much of the world's gold was mined in the modern, post-war era. In recent decades, more countries have emerged as gold producers. As a result, gold mining has become less geographically concentrated and more stable. Today, the top producing countries are China, Australia, Russia, the U.S., Canada, South Africa and Peru.
Price Drivers
Gold has experienced some of the most dramatic price fluctuations in the commodity markets. Some factors that drive price include:
- central bank reserves
- value of the U.S. dollar
- interest rates
- worldwide jewelry and industrial demand (including from emerging economies)
- wealth protection (especially during times of geopolitical tensions)
Commodities: Heating Oil
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What Drives The Price Of Gold?
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Does it Still Pay to Invest in Gold?
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Why the Price of Gold Is More Than Just Supply & Demand
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8 Reasons To Own Gold
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Why Gold Matters: Everything You Need To Know
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Gold: The Other Currency
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Investing in Gold: Direct Vs. Professional Management (ABX, GG)
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Why and How You Should Consider Investing in Gold
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The Effect of Fed Fund Rate Hikes on Gold
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