Author: 分析师 卢明宇

Gold futures screens commonly show a price per gram, while the contract specifies how much gold one lot represents. For Shanghai Futures Exchange (SHFE) gold futures, the trading unit is 1,000 grams per lot and the quotation unit is yuan per gram. A 1-yuan-per-gram move changes one lot's gross profit or loss by 1,000 yuan, before fees and other costs.

This calculation turns a price move into an account-level amount. When comparing precious-metals products, check both the quotation unit and contract size. For a silver-futures lot example, see how a silver futures contract changes in value; spot and account-based products follow their own contract and quotation terms.

Calculate the contract's notional value

Contract notional value = futures price × trading unit per lot. SHFE gold futures are quoted in yuan per gram, with 1,000 grams per lot. At a hypothetical price of CNY 550 per gram, one lot has a notional value of 550 × 1,000 = CNY 550,000. The CNY 550 price is an arithmetic example, not a current quote.

Notional value describes the amount represented by the contract. It is different from the margin deposited to open a position. A favorable move of CNY 1 per gram produces CNY 1,000 gross profit per lot; an adverse move of CNY 3 per gram produces CNY 3,000 gross loss. Multiple lots scale the amount, and actual results also include fees and other costs.

Convert the minimum price fluctuation into money

SHFE lists a minimum price fluctuation of CNY 0.02 per gram for gold futures. Multiply it by 1,000 grams per lot to get CNY 20 per tick per lot: CNY 0.02/g × 1,000 g/lot = CNY 20/lot.

Fifty minimum price increments equal CNY 1 per gram, or CNY 1,000 of gross profit or loss per lot. For example, a planned stop distance of CNY 0.40 per gram equals 20 ticks and CNY 400 of price exposure per lot, before fees, slippage or gaps. This is an arithmetic result for a price move, not a maximum-loss limit.

Long and short positions have opposite profit-and-loss directions

For a long position, gross profit or loss = (exit price - entry price) × trading unit × lots. For a short position, reverse the two prices. In a hypothetical example, buying one lot at CNY 550/g and selling at CNY 551/g gives (551 - 550) × 1,000 = CNY 1,000 gross profit before fees. A move in the opposite direction produces the opposite gross result.

This formula uses executed prices. Chart quotes may differ from actual fills because of the bid-ask spread and slippage; keep the actual entry, exit and lot count in a review.

Margin is performance collateral, not a risk cap

The SHFE gold-futures product page lists a minimum trading margin of 4% of contract value. Using the hypothetical price above, the CNY 550,000 notional value gives an exchange minimum margin of CNY 22,000 at 4%. A futures company may require a higher client margin, and the exchange may adjust its parameters. Check current exchange rules and broker notices before opening a position.

Margin lowers the initial funds needed to establish notional exposure; it does not reduce the price-based profit or loss per tick. If one lot moves adversely by CNY 10 per gram, the gross loss is CNY 10,000, calculated from the contract size. After settlement, insufficient available funds may lead to a margin call or position handling under the applicable rules.

Check four figures before placing an order

First, confirm the exchange, contract code and month so that contracts from different markets are not treated as the same product. Second, verify the quotation unit, lot size and minimum fluctuation, then recalculate the tick value. Third, confirm the margin rate actually charged by the futures company, fees and settlement arrangements. Fourth, assess order size and stop distance together with slippage and fast-market conditions.

Markets may use different quotation currencies and weight units. An international contract may be quoted in US dollars per troy ounce, while SHFE gold futures are quoted in yuan per gram. Convert weight and currency first, then use each contract multiplier to compare exposure; do not compare displayed numbers directly.

The SHFE gold-futures page also lists contract months, the last trading day, delivery method and delivery unit. A position approaching delivery requires a separate decision about closing, physical delivery or rolling. Read the structural differences among spot gold, gold futures and gold ETFs and the deferred-delivery mechanism of Au(T+D).

The CNY 550/g price, CNY 550,000 notional, CNY 22,000 margin, CNY 0.40/g and CNY 10/g moves in this article are hypothetical calculation examples, not current market quotes. Contract specifications are based on SHFE's published product information and may change. Futures margin trading magnifies account fluctuations; insufficient margin may require additional funds or position handling. Verify current product terms and size positions according to losses you can bear.

Source: SHFE gold futures product information. Parameters may change with updated rules.