The “main” gold futures contract is not one permanent contract. It is a dynamic label for the contract month where trading activity is currently concentrated. This guide explains how the main contract emerges, why it rolls and how it differs from a continuous futures series.

Gold futures have a minimum price movement of RMB 0.02 per gram, but one lot does not change by only RMB 0.02. With a contract size of 1,000 grams per lot, one minimum tick corresponds to RMB 20 of price movement per lot.

Gold futures contracts trade standardized financial agreements, whereas physical gold consists of individual bullion bars defined by weight, fineness, brand, and unique serial numbers. To achieve seamless physical delivery upon contract settlement, the market relies on a standardized document representing verified physical inventory: the gold standard warrant.

When opening gold futures market displays, beginners frequently observe multiple listings bearing similar names. Although all relate to gold and trade at close prices, each contract is marked with distinct numbers. This does not represent duplicate listings of a single contract, but rather independent contracts with different expiration dates.

Many people, when understanding gold futures, first think of predicting whether gold prices will rise or fall. This approach isn't wrong, but it's incomplete. Gold futures account results are indeed closely tied to price direction, yet they're not determined solely by it. Entry/exit positions, intraday price fluctuations, contract rules, settlement methods, and trading costs all influence the final outcome.

Many beginners, upon first seeing gold futures quotes, mistakenly think "one lot" refers to a small amount of gold, perhaps equating it to buying one gram or ten grams. In reality, in gold futures, "one lot" isn't an arbitrary quantity but a standardized contract unit set by the exchange.