COMEX in gold trading
COMEX is the CME Group exchange in New York where the benchmark gold futures (GC, 100 oz) and options trade; its open and volume drive gold's US session.
Also called CME Group metals, New York gold futures exchange
COMEX (Commodity Exchange) is the metals division of CME Group, the exchange where the world’s most actively traded gold futures and options are listed. The flagship contract is GC, 100 troy ounces of gold deliverable in approved New York-area vaults; the micro contract MGC is 10 ounces. COMEX trades electronically on Globex almost 24 hours a day, with a pause from 5 to 6 p.m. Eastern, and the traditional 8:20 a.m. Eastern “pit open” still marks the start of peak US activity.
How it applies to gold trading
COMEX is where gold’s price discovery happens during US hours. Retail XAUUSD quotes are built partly from the GC futures curve, so the futures move first and the spot platform follows. COMEX data are also the only transparent record of positioning and participation: traded volume, open interest, the CFTC’s COT report, and warehouse stocks are all COMEX figures. US residents who cannot trade gold CFDs use COMEX futures and options directly.
The exchange’s margin requirements change with volatility, and its daily settlement price at 1:30 p.m. Eastern is the reference for futures profit and loss and for many analyses of “where gold closed”.
A common mistake
Comparing a COMEX futures price with a spot quote and treating the gap as an arbitrage. The difference is the basis, which reflects interest and storage until delivery.
See also: GC futures, Basis, Open interest, COT report.
Frequently asked questions
What are COMEX gold trading hours?
GC trades on CME Globex from 6 p.m. to 5 p.m. Eastern time, Sunday evening through Friday, with a daily pause from 5 to 6 p.m. Peak activity runs from about 8:20 a.m. to 1:30 p.m. Eastern.
Is COMEX gold the same as XAUUSD?
No. COMEX GC is a futures contract for delivery on a set date; XAUUSD is a spot price. They move together and differ by the basis, usually a few dollars to a few tens of dollars.