Chinese Precious Metals Contract Calculator

For a 10-lot Au(T+D) contract with an opening price of 280 RMB/g and a closing price of 285 RMB/g, assuming an 11% margin rate, the profit is 50,000 RMB, the margin requirement is 308,000 RMB, and the ROI is approximately 16.23%. Our calculator helps you visualize every step.

Overview & Concepts

Chinese precious metal contracts refer to standardized contracts listed on the Shanghai Gold Exchange (SGE) and the Shanghai Futures Exchange (SHFE), including Au(T+D), mAu(T+D), Ag(T+D), as well as Shanghai gold and silver futures. These contracts use margin trading, allow bidirectional trading (long/short), and feature leverage. This tool integrates the basic parameters of major contracts (trading unit, minimum price fluctuation, exchange margin rate, etc.) and automatically calculates the margin requirement, profit/loss (PnL), and return on investment (ROI) based on your input for opening price, closing price, direction, and number of lots.

Principles & Formulas

Core Formula:
PnL = (Closing Price − Opening Price) × Contract Unit × Lots × Direction Factor
The direction factor is +1 for long and −1 for short. When shorting, you only profit if the closing price is lower than the opening price, which the formula automatically reflects.

Margin = Opening Price × Contract Unit × Lots × Margin Rate
Margin rates are published by the exchanges and can be looked up in real-time using this tool (e.g., currently 11% for Au(T+D) and 12% for Ag(T+D)).

Why does this formula make sense? Precious metals are quoted in RMB/g or RMB/kg. The price difference per gram multiplied by the contract unit equals the PnL per lot, which is then multiplied by the number of lots to get the total PnL. Leverage amplifies both returns and risks. The margin is the actual capital you invest, and ROI = PnL / Margin, directly reflecting your capital efficiency.

Complete Example / Step-by-Step Guide

Let's take the Au(T+D) contract as an example. Open the calculator above:

• Select Au(T+D) from the "Contract Code" dropdown. The right side will automatically display a trading unit of 1,000 g/lot and an 11% margin rate.
• Select Long for "Direction".
• Enter 280 for "Opening Price (RMB/g)".
• Enter 285 for "Closing Price (RMB/g)".
• Enter 10 for "Lots".
• Click the "Calculate" button.

The results area on the right will display:

• Margin Requirement: 280 × 1,000 × 10 × 11% = 308,000 RMB
• Profit/Loss (PnL): (285 − 280) × 1,000 × 10 = 50,000 RMB
• Return on Investment (ROI): 50,000 / 308,000 ≈ 16.23%

Interpretation: The price only increased by 1.79% (5/280), but leverage pushed the ROI to 16.23%, demonstrating a significant leverage effect. If the price dropped to 275 RMB/g, the loss would be -500 RMB/lot, totaling a 50,000 RMB loss with an ROI of -16.23%, showing that risks are equally amplified.

More Examples / Scenario Comparisons

Comparison Example — Shorting Ag(T+D):

• Select Ag(T+D) for the contract code (trading unit: 15 kg/lot, margin rate: 12%).
• Select Short for the direction.
• Enter 4000 for the opening price (RMB/kg).
• Enter 3800 for the closing price.
• Enter 5 for lots.
• Click calculate.

Result: Margin = 4,000 × 15 × 5 × 12% = 36,000 RMB; PnL = (4,000 − 3,800) × 15 × 5 = 15,000 RMB; ROI = 41.67%.

If the closing price unexpectedly rose to 4,200 RMB/kg, the shorting loss would be = (4,000 − 4,200) × 15 × 5 = −15,000 RMB, with an ROI of −41.67%. This shows that bidirectional trading carries equal risk when the direction is wrong.

How to Interpret Results / Value Meanings

PnL Amount	ROI	Meaning
Positive	Positive	Correct direction prediction, resulting in a profit. The ROI depends on the leverage ratio. (e.g., the 16% ROI in our example is considered above average).
Negative	Negative	Incorrect direction, resulting in a loss. Note that losses can exceed the margin (account blowout in extreme markets), though this tool does not simulate that.
Zero	Zero	No price movement, no profit or loss (ignoring trading costs).

Special Note: An ROI ≥ 5% indicates significant leveraged returns from price movements, but you must consider price volatility to judge sustainability. An ROI ≤ −10% should be a warning sign, as it may trigger a margin call or forced liquidation. This tool does not include transaction fees or deferred fees, so the actual ROI will be slightly lower.

Common Mistakes / Pitfalls to Avoid

1. Reversing the direction factor: When shorting, subtract the opening price from the closing price, not the other way around. Our calculator handles this automatically, but it's a common mistake when calculating manually.
2. Confusing trading units: Au(T+D) is 1,000 g/lot, while mAu(T+D) is 100 g/lot. Selecting the wrong contract will skew your results by a factor of 10. Always verify the auto-populated parameters in the dropdown.
3. Mismatched price units: Gold is quoted in RMB/g, and silver in RMB/kg. The contract units are already matched, but be careful with decimal places when inputting (e.g., don't enter 280 RMB/g as 280000).
4. Ignoring margin rate changes: Exchanges may temporarily increase margin rates during extreme market conditions. This tool uses default values, so your actual margin requirement may differ.
5. Not accounting for trading costs: Transaction fees, deferred fees, and delivery fees are not included. Holding long-term or trading frequently will significantly impact your actual PnL.

Frequently Asked Questions (FAQ)

1. Can this tool be used for international precious metals (like London Gold)? No. The quoting units and margin rules for Chinese precious metal contracts differ from international markets. Please use a dedicated international gold calculator.
2. Where do the margin rates come from? We have built-in the latest announcement data from SGE and SHFE, updated weekly. Once you select a contract code in the calculator, the real-time reference rate will appear on the right. Always refer to your brokerage's notifications for the final rate.
3. Why does my calculated margin differ from my actual account? This could be because: (1) You are using the exchange's minimum margin rate, and your broker adds a few percentage points; (2) Different position directions (longs and shorts may have different margin requirements); (3) The daily settlement price differs from your opening price.
4. Does the PnL calculation include overnight (deferred) fees? No. Au(T+D) and Ag(T+D) have deferred fees, with the paying direction varying daily between longs and shorts. This tool only calculates price difference PnL. We recommend estimating deferred fees separately for long-term holdings.
5. What is considered a reasonable ROI percentage? For day trading, a monthly ROI over 30% usually comes with extremely high risk. For medium-to-long-term holdings, refer to annualized ROI. This tool does not annualize returns; it only reflects the leveraged return of a single trade.
6. Can I input different lot sizes to compare results? Yes. The calculator allows you to modify any input and recalculate. We encourage you to try multiple scenarios to observe the proportional relationship between margin requirements and PnL.

Limitations & Disclaimers

• The results from this tool do not constitute investment, financial, or tax advice and are for reference only.
• For actual trading, please refer to the risk disclosure statements and trading rules provided by your futures company or bank.
• Market risks such as slippage, illiquidity, and price limit restrictions are not considered.
• Leveraged trading can result in the loss of your entire principal and create additional debt (account blowout). Please manage your position sizes reasonably.
• The built-in margin rates, contract units, and other parameters are sourced from public information and are not guaranteed to perfectly match real-time exchange data. Exchanges may adjust parameters during major market events.
• If you need precise calculations for taxes or compliance hedging, please consult a licensed professional or use official calculators.

Now you can try your own numbers in the calculator above. Modify the opening price, closing price, or number of lots to see how your PnL changes.

Calculation Basis / Methodology

• Shanghai Gold Exchange Business Rules (2019 Revision) — Specifies trading units, quoting methods, and margin systems for contracts like Au(T+D) and Ag(T+D).
• Shanghai Futures Exchange Trading Rules (2022) — Specifications and margin rate adjustment mechanisms for Shanghai gold and silver futures contracts.
• Investopedia: Margin Trading — Explains the relationship between leverage and risk in margin trading.
• "Futures Investment Analysis" (China Futures Association) — Basics of futures contract PnL calculation and margin management.

Last updated June 4, 2026 · Maintained by Toolkk