What Is COMEX? Gold Futures, Contract Terms, and Price Comparisons

What Is COMEX?

COMEX is a designated contract market within CME Group. It lists futures and options on metals including gold, silver and copper.

This article focuses on Gold futures with the product code GC and Micro Gold futures with the product code MGC. CME Group's current product information lists a contract unit of 100 troy ounces for GC and 10 troy ounces for MGC.

Contract specifications, listed months, trading hours, margin requirements and delivery rules can change. Readers who need current trading or settlement information should check the applicable CME Group product page and rulebook.

How COMEX Works

COMEX operates as a futures exchange, where buyers and sellers agree to trade a standardized quantity of gold at a specified price on a future date.

The standard Gold futures contract (GC) covers 100 troy ounces, while Micro Gold futures (MGC) cover 10 troy ounces.

Electronic trading is available during the sessions published by CME Group and includes scheduled maintenance breaks. Trading hours and holiday schedules can change, so they should be checked on the current product page rather than treated as permanent.

Several contract months can be listed at the same time. The month with the highest volume or open interest may change as trading activity moves between contracts, and it is not necessarily the nearest calendar month.

Before expiry, a position may be closed, offset, rolled to another contract, or handled under the applicable settlement and delivery rules. The outcome depends on the position and contract terms.

COMEX futures are financial contracts with exchange-defined settlement and delivery provisions. CME Group also recognizes depositories that report metal meeting the applicable exchange requirements.

CME Group publishes reports for metal held at approved depositories. The reports distinguish categories such as registered and eligible inventory, and the reported quantities change over time.

These warehouse figures should be checked in the current CME report. They do not show that all reported metal is available for immediate purchase, nor do they measure total gold held in the United States.

How COMEX Prices Are Used

COMEX gold and silver futures are widely followed reference prices, but “the gold price” can also refer to a spot quote, an LBMA benchmark, a futures contract with a specified delivery month, or a regional wholesale price.

A COMEX futures price should therefore be identified by commodity, contract month, timestamp, and price type. The nearest active contract is not always the same contract used by every publication or data provider.

Futures and Spot Are Different Price Types

A futures contract and a spot quotation refer to different settlement timing and contractual conditions. Their difference may reflect financing, storage, insurance, time to delivery, market expectations, liquidity, and observation timing.

Futures do not necessarily trade above spot. The relationship can change, and comparing values from different timestamps can create an apparent difference that did not exist at a single moment.

The benchmark shown on this site is an aggregated USD-per-troy-ounce spot value supplied by Metals.dev. Internal identifiers may retain the word comex for compatibility, but the displayed benchmark is not the settlement price of a specified COMEX futures contract.

Key Takeaways

• COMEX lists futures and options whose terms depend on the selected contract.
• A COMEX price should be identified by contract month, timestamp, and price type.
• Spot and futures prices are not interchangeable and may move differently.
• This site’s benchmark is a vendor-supplied aggregated spot value, not a specified COMEX settlement.
• Use CME Group’s current contract documents and market data when an official COMEX value is required.

Sources

Institution names and page titles current as of September 2026.

• CME Group — Gold Futures (GC)
• CME Group — Micro Gold Futures (MGC)
• CME Group — Gold contract specifications
• CME Group — Rulebook
• CME Group — Introduction to precious metals