The Law Dictionary

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GOLD Definition & Legal Meaning

Definition & Citations:

A commodity traded on the spot and futures market, this is a well-known precious metal. Gold is sold by market contract. 100 troy ounces is a unit of gold in a contract on NYMEX. Each market tick in price is $.10 per troy ounce; $10 per contract. If gold’s spot price reaches over $75 per troy ounce higher or lower than the previous day’s closing price, the exchange will call a halt to trading. Although there are exception to this rule, this change is $7500 per contract swings. During the final 20 minutes of the trading day, maximum daily price fluctuations are lifted . (Trading Symbol GC). Refer to Minimum Price Movement.


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