Gold Dec '26 (GCZ26)
| Barchart Symbol | GC |
| Exchange Symbol | GC |
| Contract | Gold 100-oz |
| Exchange | COMEX |
| Tick Size | 0.10 (10 cents) per troy ounce ($10.00 per contract) |
| Margin/Maintenance | $22,256/20,233 |
| Daily Limit | 10% above or below previous settlement |
| Contract Size | 100 fine troy ounces |
| Months | Feb, Apr, Jun, Aug, Oct, Dec (G, J, M, Q, V, Z) |
| Trading Hours | 5:00p.m. - 4:00p.m. (Sun-Fri) (RTH 7:20a.m. - 12:30p.m.) (Settles 12:30p.m.) CST |
| Value of One Futures Unit | $100 |
| Value of One Options Unit | $100 |
| Last Trading Day | Third last business day of the maturing delivery month |
Description
Gold is a dense, bright yellow metallic element with a high luster. Gold is an inactive substance and is unaffected by air, heat, moisture, and most solvents. Gold has been coveted for centuries for its unique blend of rarity, beauty, and near indestructibility. The Egyptians mined gold before 2,000 BC. King Croesus of Lydia created the first known pure-gold coin in the sixth century B.C.
Gold is found in nature in quartz veins and secondary alluvial deposits as a free metal. Gold is produced in mines on every continent except Antarctica, where mining is forbidden. Because gold is virtually indestructible, much of the gold that has ever been mined still exists in one form or another. The largest producer of gold in the US by far is the state of Nevada, with Alaska and California running a distant second and third.
Gold is a vital industrial commodity. Pure gold is one of the most malleable and ductile of all metals. It is a good conductor of heat and electricity. The prime industrial use of gold is in electronics. Another important sector is dental gold, where it has been used for almost 3,000 years. Other applications for gold include decorative gold leaf, reflective glass, and jewelry.
In 1792, the United States first assigned a formal monetary role for gold when Congress put the nation's currency on a bimetallic standard, backing it with gold and silver. Under the gold standard, the US government was willing to exchange its paper currency for a set amount of gold, meaning its currency was backed by gold. However, in 1971, President Nixon severed the convertibility of the US dollar into gold, which led to the breakdown of the Bretton Woods international payments system. Since then, the prices of gold and paper currencies have floated freely. US and other central banks now hold physical gold reserves primarily as a store of wealth.
Gold futures and options are traded at the CME Group. Gold futures are traded at the Bolsa de Mercadorias and Futuros (BM&F), the Tokyo Commodity Exchange (TOCOM), and the Korea Futures Exchange (KFE). The CME gold futures contract calls for the delivery of 100 troy ounces of gold (0.995 fineness), and it trades in dollars and cents per troy ounce.
Prices - CME gold futures (Barchart.com symbol GC) posted the 2025 low in January at $2.617.30 per troy ounce. Concerns that US tariff policies could boost inflation pressures increased demand for gold as an inflation hedge. Threats throughout the year from President Trump to fire Federal Reserve Chair Powell raised doubts about the Fed's independence and boosted demand for gold as a store of value. The dollar index tumbled to a 3-year low in September, boosting gold prices. US political uncertainty, large US deficits, and uncertainty regarding government policies prompted investors to cut holdings of dollar assets and shift into gold. An easier Fed policy was supportive of gold after the FOMC cut interest rates by -25 bp at each of the September, October, and December policy meetings. Geopolitical risks in Iran, Ukraine, the Middle East, and Venezuela sparked safe-haven demand for gold in 2025. Gold prices also found support from concerns that the Fed would pursue an easier monetary policy in 2026, as the markets expect President Trump to continue his campaign for lower interest rates. Gold prices continued higher into year-end, posting an all-time high of $4,577.20 per troy ounce in December, and finished 2025 sharply up by +64.5% yr/yr at $4,325.60 per troy ounce.
Supply - World mine production of gold in 2025 rose by +0.6% yr/yr to a new record high of 3.300 million kilograms (1 kilogram equals 32.1507 troy ounces). The world's largest producers of gold in 2025 were China (11.5% of world production), followed by Russia (9.4%), Australia (8.5%), Canada (6.1%), the US (4.8%), Ghana (4.5%), and Uzbekistan (3.9%).
US gold mine production in 2025 fell by -1.8% yr/yr to 160,000 kilograms. Canada's gold mine production in 2025 remained unchanged yr/yr at 200,000 kilograms.
US refinery production of gold from domestic and foreign ore sources in 2025 fell by -5.6% yr/yr to 170,000 kilograms. In addition, US refinery production of gold from secondary scrap sources in 2025 rose by +1.1% yr/yr to 90,000 kilograms.
Demand - US consumption of gold in 2024 fell by -20.9% yr/yr to 200,000 kilograms.
Trade - US exports of gold (excluding coinage) in 2025 fell by -10.0% yr/yr to 260,000 kilograms, well below the 2012 record high of 699,000 kilograms. US imports of gold for consumption in 2025 rose by +68.4% yr/yr to 320,000 kilograms.
Information on commodities is courtesy of the cmdty Yearbook, the single most comprehensive source of commodity and futures market information available. Its sources - reports from governments, private industries, and trade and industrial associations - are authoritative, and its historical scope for commodities information is second to none. The CRB Yearbook is part of the Barchart product line. Please visit us for all of your commodity data needs.
