OFFSET / ROLL / SETTLE
A futures position expires; continuing gold exposure requires an explicit action
A gold futures contract belongs to a named month. Before the relevant exchange and broker deadlines, the trader must generally offset it, roll into a later month, or follow the applicable physical or financial settlement process. Rolling is two transactions with a price difference and costs; it does not turn a futures contract into permanent bullion ownership.
THREE PATHS
Decide the intended outcome before liquidity migrates
ROLL ECONOMICS
The calendar spread changes the price basis of continued exposure
Suppose the expiring contract is sold at $4,000 per ounce and the later contract is bought at $4,030. The new position starts $30 per ounce above the old exit price. That difference is not automatically a loss or a forecast: the later contract has more time, and financing, storage, liquidity and hedging conditions can affect the curve.
For one GC contract the $30 spread corresponds to $3,000 of contract-level difference; for MGC it is $300. Economic performance over the next holding period depends on how the new contract and spot evolve, plus collateral return and all execution costs.
CALENDAR CONTROL
Use a written expiry checklist instead of a memory reminder
01Record contract code, month and year at entry.
02Check the exchange's current expiration and delivery calendar.
03Obtain the broker's first-notice, close-only and liquidation deadlines.
04Monitor volume and spread migration into later months.
05Choose offset, roll or settlement and document who is responsible.
06Capture both roll-leg prices, commissions, exchange fees and slippage.
07Recalculate notional exposure and margin after the roll.
GC and MGC trading in the delivery month terminates on the third last business day of that month under their current chapters. The 1OZ last trading day is the third last business day of the month before its contract month. Broker deadlines can be earlier.
PRIMARY SOURCES & REVIEW BOUNDARY
Contract rules come before marketing summaries
- COMEX Rulebook Chapter 113 for the 100-troy-ounce GC trading unit, $0.10-per-ounce minimum tick, deliverable bar standards and last trading day.
- COMEX Rulebook Chapter 120 for the 10-troy-ounce MGC unit, $0.10-per-ounce minimum tick and Accumulated Certificate of Exchange delivery structure.
- CME 1-Ounce Gold futures FAQ for the 1OZ contract size, $0.25 tick, financial settlement, listed months, current access channel and current trading-hours notice.
- Current COMEX Rulebook index for later amendments, delivery chapters, position limits and related notices.
- CFTC Futures Market Basics, CFTC explanation of how futures work and the CFTC glossary for margin, daily mark-to-market, offsetting, clearing and retail risk.
Sources were reviewed August 2, 2026. GoldObserve does not reproduce licensed futures quotes, margin schedules, fee tables or exchange calendars. Verify the current rulebook, exchange notices and your futures commission merchant before using any contract.
GOLD FUTURES RESEARCH PATH
Continue with the next distinct decision
FREQUENTLY ASKED QUESTIONS
Gold futures expiration and rollover questions
What does rolling a gold futures contract mean?
It means closing exposure in one delivery month and opening exposure in another. The two legs can be executed separately or as a calendar spread, subject to broker and exchange access.
Is a futures roll free?
No. The price difference between months changes the exposure and the trade can incur spread, commission, exchange fees and slippage. Margin treatment can also change.
When should a gold futures position be rolled?
There is no universal date. Liquidity migration, first-notice and last-trading dates, broker deadlines, strategy and intended settlement all matter.
Does rolling guarantee the same return as spot gold?
No. Futures basis, curve shape, execution, collateral return, fees and repeated rolls can create a path different from spot or physical gold.