What are gold futures?
Gold futures are standardised contracts traded on COMEX under the ticker GC. Each contract represents 100 troy oz of gold for delivery on a specified future date. They are the world's primary price-discovery vehicle for gold — the spot price you see everywhere is largely derived from the front-month futures contract.
Reading the futures curve
The table above lists every active contract in expiry order. In a normal 'contango' market each successive month costs more than the previous (the difference roughly equals interest + storage). When the curve inverts — front-month higher than forwards — the market is in 'backwardation', usually a signal of physical supply tightness, central-bank buying pressure, or an impending squeeze. The coloured banner at the top of this page tells you which regime is active right now.
Who trades futures?
- Commercials (miners, refiners, jewellers) — hedge real production or inventory
- Bullion banks — provide liquidity, run carry trades, hedge OTC client books
- Hedge funds + CTAs — speculate on macro flows, inflation, USD direction
- Retail traders — directional bets via micro-contracts or futures-tracking ETFs
Futures vs ETFs vs physical
Futures give the most direct exposure but require margin, expire monthly, and need rolling. Physical-backed ETFs (GLD, IAU for gold) track spot closely with a small expense ratio and no expiry. Physical bars or coins give true ownership and zero counterparty risk but cost dealer premium + storage. Most allocators mix: futures for tactical positioning, ETF for core, physical for ultimate hedge.