What It Is / Concept Explanation
A 10-ounce London Gold contract quoted at $1,800/oz has a notional value of $18,000—but standard futures contracts are much larger. International precious metals contracts (gold, silver, platinum, palladium) have standardized specifications across exchanges: for example, COMEX gold futures are 100 ounces per contract, while silver is 5,000 ounces. Investors need these parameters to calculate notional value, margin requirements, and profit/loss. Our lookup tool aggregates contract standards from major global exchanges (COMEX, LBMA, Shanghai Gold Exchange, TOCOM, etc.). Simply select the exchange and metal type to quickly get key information such as trading units, price quotation, minimum tick size, trading hours, and delivery methods, helping you avoid trading errors caused by specification confusion.
Principles & Formulas
Core Formula: **Contract Notional Value = Trading Unit × Current Price**. For example, COMEX gold futures: 100 ounces per contract, quoted at $2,000/oz. Notional Value = 100 × $2,000 = $200,000. Margin = Notional Value × Margin Requirement (set by the exchange). This formula intuitively illustrates leverage: controlling a large notional asset with a small amount of margin, amplifying both potential returns and risks proportionally. The price quotation (e.g., $/oz vs. RMB/g) and trading unit (oz vs. g) must match, otherwise calculations will severely deviate from reality.
How to Use This Tool
Open the calculator above:
① Select your target market from the 'Exchange' dropdown, such as COMEX or LBMA.
② Choose gold, silver, platinum, or palladium from the 'Metal Type' dropdown.
③ If applicable, select a specific delivery month from the 'Contract Month' dropdown (for futures contracts); spot contracts typically do not have this option.
④ Click the 'Lookup Contract Specs' button.
⑤ The right-side table will instantly display: trading unit, price quotation, minimum tick size, initial margin, maintenance margin, and trading hours (with time zones). If you check 'Show Current Reference Price', it will also calculate the notional value and estimated margin based on public data.
Complete Example / Step-by-Step Guide
Let's take COMEX gold futures as an example:
• Select COMEX from the 'Exchange' dropdown.
• Select Gold from the 'Metal Type' dropdown.
• Leave 'Contract Month' at the default active contract (e.g., December 2025).
• Click 'Lookup Contract Specs'.
The specification card on the right side of the calculator will now show:
- Trading Unit: 100 troy ounces
- Price Quotation: USD/troy ounce
- Minimum Tick Size: $0.10/oz (i.e., $10 per contract)
- Initial Margin: $10,000 (assumed)
- Maintenance Margin: $9,000 (assumed)
If the current market price is $2,000/oz, the Notional Value = 100 × $2,000 = $200,000. Initial Margin Ratio = $10,000 / $200,000 = 5%, representing 20x leverage. With these results, traders can quickly assess entry barriers and risk exposure.
More Examples / Scenario Comparisons
Comparison Example: COMEX Silver Futures. Following the same steps: Select COMEX → Silver. The specs table shows: Trading unit of 5,000 troy ounces, price quotation in USD/troy ounce, and a minimum tick size of $0.01/oz ($5 per contract). Assuming a price of $25/oz, Notional Value = 5,000 × $25 = $125,000. This is smaller than gold's $200,000, but silver contracts often experience higher volatility. Another extreme example: Shanghai Gold Exchange's Au(T+D) contract. Select SGE → Gold (Deferred). The specs show: Trading unit of 1,000 g/contract, quoted in RMB/g, with a minimum tick size of 0.01 RMB/g. If the price is 400 RMB/g, Notional Value = 1,000 × 400 = 400,000 RMB (approx. $55,000). Compared to COMEX, the domestic market has different leverage ratios and trading hours, and investors must account for currency conversion.
How to Read the Results / Value Meanings
The 'Notional Value' in the results directly reflects the asset scale per contract:
• Notional Value < $50,000 → Small contracts (e.g., micro gold, though standard contracts on major exchanges are larger);
• $50,000–$200,000 → Medium contracts (e.g., COMEX silver, domestic gold);
• >$200,000 → Large contracts (e.g., COMEX gold, platinum).
Margin requirements typically range between 3% and 10%. The lower the ratio, the higher the leverage and the greater the risk. Note: Initial margin requirements are adjusted based on market volatility. This tool lists exchange standards, but actual brokers may charge additional margins. If the results show a notional value far exceeding your account balance, you should avoid opening a position.
Common Mistakes / Pitfalls to Avoid
① **Confusing Ounces and Grams**: London Gold and COMEX Gold use troy ounces (1 troy ounce ≈ 31.1035 grams), while Shanghai Gold uses grams. Calculating directly with grams will result in a notional value deviation of over 30 times.
② **Ignoring Price Quotation Units**: COMEX is USD/oz, LBMA is USD/oz (but with different purity requirements), and Shanghai Gold is RMB/g. When comparing across markets, you must convert exchange rates and units.
③ **Forgetting the Contract Multiplier**: The minimum tick size multiplied by the contract unit equals the profit/loss per tick. For example, COMEX gold has a minimum tick of $0.10/oz, and with 100 oz per contract, the actual PnL = $10. Many people only calculate the points and forget the multiplier.
④ **Confusing Futures and Spot Margins**: Futures margins involve leveraged trading, whereas spot trading (like LBMA) usually involves full delivery or utilizes credit lines, meaning futures margin formulas do not apply.
⑤ **Ignoring Exchange Rate Risk**: For investors using RMB to trade USD-quoted contracts, exchange rate fluctuations will significantly impact the value of their collateral.
Frequently Asked Questions (FAQ)
- **How many ounces are in one gold futures contract?** The COMEX standard is 100 ounces, but there are also mini/micro contracts (50 ounces or 10 ounces). Check the specific exchange specifications in our tool.
- **What is the difference between LBMA London Gold and COMEX futures?** London Gold is a spot market traded in ounces with T+2 delivery; COMEX is a futures market with fixed delivery months traded on margin leverage. Our tool lists the parameters for both contract types.
- **How do I calculate the leverage ratio?** Leverage is the notional value divided by the initial margin. For example, if COMEX gold has a notional value of $200,000 and a margin of $10,000, the leverage is 20x. We automatically display the leverage ratio in the result card.
- **What does minimum tick size mean?** It refers to the smallest possible price movement, such as $0.10/oz. Profit/loss per contract = minimum tick size × contract unit. Our results directly list the dollar value per tick for each contract.
- **Why do margin requirements vary across exchanges?** Each exchange sets its own standards based on volatility and liquidity, and brokers may add their own markups. The tool displays the base exchange margin; please confirm with your broker before trading.
- **Are the prices in the tool real-time?** This tool provides contract specification lookups. If checked, the current reference price is pulled from public sources and may be delayed. It should not be used for real-time trading decisions.
Limitations & Disclaimers
This tool is for educational and reference purposes only. All contract specifications, margins, and trading hours are compiled from public exchange data. Actual parameters may change due to temporary exchange adjustments, holidays, or market anomalies. This does not constitute investment, financial, or tax advice. Before making any trading decisions, please review the official rules of the relevant exchange and consult a licensed financial advisor. The current reference prices shown in the tool are not real-time quotes and may be delayed by more than 15 minutes. We may not have fully indexed certain non-standard contracts (such as swaps or mini contracts). If you find any data discrepancies during use, feedback is welcome, but we assume no legal liability. You can now try looking up contract specs for different metals in the calculator above and compare their notional values and margin requirements.
