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Weekly Gold Options

Our Weekly Gold Options provide a cleared alternative to a well-established OTC product, as well as a familiar complement to our existing monthly gold options. With physically settled, automatically exercised expiries for the next four Fridays, they offer multiple benefits for those who are looking for exposure to gold or simply need the reassurance of a more precise hedge.

Features

  • Automatic exercise (no contrary instructions) means immediate clarity at expiry. Once the market settles, all participants in the market know exactly what their positions are
  • Physical settlement in keeping with our monthly Gold Options contract
  • 100% margin offset against our benchmark monthly Gold Options
  • Inter-commodity margin efficiencies with certain Interest Rates and FX Products

 

Highlights

  • When there is macroeconomic volatility, short-term options allow for a new level of flexibility and safety. With an expiry on every Friday, positions can be insulated against, or fine-tuned to benefit from market moving macroeconomic events
  • For market participants who have outright and options positions in cash or ETF markets, Weekly Gold Options provide a viable alternative for hedging and arbitrage purposes. This is especially true of ETF options, which expire on Fridays
  • Portfolio managers and larger traders can use this tool for managing short-term gamma and theta exposures. These options offer sophisticated market participants a means of smoothing out portfolio risk profiles, which could be adversely affected by short-term price movements

Key Benefits

  • Backed by the safety and security of CME Clearing
  • Available electronically via CME Globex and through block trades via CME Clearport
  • Deep liquidity and transparent price discovery
  • Flexible market exposure at lower premiums

Independent Software Vendor (ISV) Codes

 

Product Name

CME Globex/ ClearPort

 

Bloomberg

 

Reuters

 

TT

 

CQG

 

Fidessa

ION (Pats

& FFastFill)

 

SunGard

DTN (ProphetX)

 

Exchange

Gold Weekly Options Wk 1

OG1

XGCA Comdty

OMON <GO>

0#GCW+

OG1

GCE1

OG1

OG1

OG1

QGC1

COMEX

Gold Weekly Options Wk 2

OG2

XGCA Comdty

OMON <GO>

0#GCW+

OG2

GCE2

OG2

OG2

OG2

QGC2

COMEX

Gold Weekly Options Wk 3

OG3

XGCA Comdty

OMON <GO>

0#GCW+

OG3

GCE3

OG3

OG3

OG3

QGC3

COMEX

Gold Weekly Options Wk 4

OG4

XGCA Comdty

OMON <GO>

0#GCW+

OG4

GCE4

OG4

OG4

OG4

QGC4

COMEX

Gold Weekly Options Wk 5

OG5

XGCA Comdty

OMON <GO>

0#GCW+

OG5

GCE5

OG5

OG5

OG5

QGC5

COMEX


Contract Unit 100 troy ounces
Price Quotation U.S. dollars and cents per troy ounce
Trading Hours CME Globex: Sunday - Friday 6:00 p.m. - 5:00 p.m. (5:00 p.m. - 4:00 p.m. /CT) with a 60-minute break each day beginning at 5:00 p.m. (4:00 p.m. CT)

TAS: Sun-Fri 6:00 p.m. - 1:30 p.m. ET (5:00 - 12:30 CT)

TAM:
Asia: Sun - Frid 6:00 p.m. ET - 3:30 p.m. China
London a.m.: Sun-Fri 6:00 p.m. ET - 10:32 a.m. London
London p.m.: Sun-Fri 6:00 p.m. ET - 3:02 p.m. London
CME ClearPort: Sunday - Friday 6:00 p.m. - 5:00 p.m. (5:00 p.m. - 4:00 p.m. /CT) with a 60-minute break each day beginning at 5:00 p.m. (4:00 p.m. CT)
Minimum Price Fluctuation Outright: 0.10 per troy ounce = $10.00

TAS/TAM: Zero or +/- 10 ticks in the minimum tick increment of the outright
Product Code CME Globex: GC
CME ClearPort: GC
Clearing: GC
TAS: GCT
TAM: GC7
Listed Contracts Monthly contracts listed for 3 consecutive months, any Feb, Apr, Aug, Oct in the nearest 23 months and any Jun and Dec in the nearest 72 months
Settlement Method Deliverable
Termination Of Trading Trading terminates at 12:30 p.m. CT on the third last business day of the contract month.
Trade At Marker Or Trade At Settlement Rules Trading at Settlement (TAS) is subject to the requirements of Rule 524.A. TAS trades off a "Base Price" of zero (equal to the daily settlement price) to create a differential versus the daily settlement price in the underlying futures contract month. The TAS clearing price equals the daily settlement price of the underlying futures contract month plus or minus the TAS transaction price.

Trading at Marker (TAM) is analogous to Trading at Settlement (TAS) wherein parties are permitted to trade at a differential to a not-yet-known price. TAM uses a marker price, whereas TAS uses the Exchange-determined daily settlement price for the underlying futures contract month.

TAS Table
Settlement Procedures Gold Settlement Procedures
Position Limits COMEX Position Limits
Exchange Rulebook COMEX 113
Block Minimum Block Minimum Thresholds
Price Limit Or Circuit Price Limits
Vendor Codes Quote Vendor Symbols Listing
Delivery Period Delivery may take place on any business day beginning on the first business day of the delivery month or any subsequent business day of the delivery month, but not later than the last business day of the current delivery month.
Grade And Quality Gold delivered under this contract shall assay to a minimum of 995 fineness.

Access Exclusive Insight into the Metals Options Markets

CME Group's education expert, Dave Lerman, looks into the growing liquidity in the Gold and Copper options markets. Take your chance to watch these exclusive insights today.

Watch Now