Gold Futures Explained: How COMEX Contracts Actually Work - GoldSilver

AI desk brief

Gold is trading near $4,328/oz, implying roughly $432,800 notional per COMEX GC contract, with a $0.10 tick worth $10 and a $1 move worth $100 per contract. The piece stresses that futures are mainly a leveraged price-exposure tool, not a vehicle for taking physical ownership, and notes that most positions are closed or rolled before delivery.

The latest CFTC report for the week ended Sept. 1, 2026 shows managed money net long roughly 136,800 COMEX gold contracts, down from about 144,700 the prior week, which was the highest since September 2025. It also notes that CME cites roughly 27 million ounces traded daily in GC, underscoring the scale of futures turnover versus actual delivery.