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Settlement prices for the E-mini Gold futures (QO) may differ slightly from the "true" settlement price displayed on the CME Daily Bulletin. These slight variances in settlements are the result of rounding due to differences in the minimum tick sizes between the E-mini Gold futures and the full-sized contracts Gold futures (GC). Additionally, the settlement price displayed on the CME Group Daily Bulletin matches that of the full-sized contracts for purposes of marking-to-market, as the contracts are off-settable. The E-mini Gold futures (QO) outrights trade in .25 increments and the full-sized Gold futures (GC) outrights trade in .1 increments.
Example
If the GCZ2 settles 1772.1, then the QOZ2 would settle 1772.00.
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http://www.cmegroup.com/trading/metals/files/daily-settlement-procedure-gold-futures.pdf
Additional Details
E-mini Gold futures (QO) are cash settled upon expiration. For additional details, please see the COMEX Rulebook (Rule 911.07).
Micro Gold Futures
Normal Daily Settlement Procedure
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If the GCZ2 settles 1772.1, then the MGCZ2 would settle 1772.00.
Final Settlement
CME Group staff determines the settlement of the expiring Micro Gold futures (MGC) by following the regular daily settlement procedure.
Gold Kilo Futures
Normal Daily Settlement Procedure
Active Month
The Gold Kilo futures (GCK) active month is settled by CME Group staff based on CME Globex activity between 13:29:00 and 13:30:00 (ET), the settlement period. The active month is the nearest base contract month that is not the current delivery month. The base months for Gold Kilo futures (GCK) will be the same as the Gold futures (GC), i.e., February, April, June, August and December.
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Last Notice Day for GC: | New GCK Spot Month | New GCK Active Month: |
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January (F) | February (G) | April (J) |
March (H) | April (J) | June (M) |
May (K) | June (M) | August (Q) |
July (N) | August (Q) | December (Z) |
November (X) | December (Z) | February (G) |
Tier 1: If a trade(s) occurs on CME Globex between 13:29:00 and 13:30:00 ET, the settlement period, then the active contract month settles to the volume-weighted average price (VWAP), rounded to the nearest tradable tick.
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The settlements in the 1-Ounce Gold futures (1OZ) are derived directly from the settlements of the
full-sized Gold futures (GC), rounded to the nearest tradable tick for both daily and final settlements.
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