What are COMEX gold futures?

COMEX gold futures are contracts that specify the future delivery of gold for a preset price. These futures can be used to speculate on gold’s price or hedge against lower prices on gold you already own. The Commodity Exchange, Inc., or COMEX, is a division of the Chicago Mercantile Exchange.

What is a COMEX futures contract?

The Commodity Exchange, Inc., or COMEX, is a division of the Chicago Mercantile Exchange. Futures contracts are highly standardized and always trade on a futures exchange. You buy a gold futures contract because you want to lock in the price for the future delivery of a stated quantity and quality of gold.

What metals are traded on the Comex?

Other futures contracts traded on the COMEX include aluminum, palladium, platinum, and steel. Because the futures market is mostly a hedging vehicle for mitigating price risk, the majority of futures contracts are never delivered. Most trades are made simply on the promise of that metal and on the knowledge that it exists.