Contract month codes in gold trading
Contract month codes are the single letters that identify futures expiry months, such as G for February and Z for December, so GCZ is December COMEX gold.
Also called Futures month codes, GCZ, Front month, Active month
Contract month codes are standard letters appended to a futures symbol to show its delivery month: F January, G February, H March, J April, K May, M June, N July, Q August, U September, V October, X November, Z December. A year digit follows, so GCZ6 or GCZ26 is the December 2026 gold contract.
How it applies to gold trading
COMEX gold lists many months, but liquidity concentrates in the active ones: February (G), April (J), June (M), August (Q), October (V) and December (Z). The nearest active contract with the most volume is called the front month and is the one most futures traders and charting sites follow. Data feeds labeled GC1! or “continuous” stitch these months together and roll from one to the next.
Knowing the codes avoids trading an illiquid month by mistake and helps read news that quotes “December gold” or “Feb futures.”
Worked example
Example (hypothetical numbers): in late October the front month is December (GCZ). Its price is 4,032 while February (GCG) is 4,056, the $24 difference being the carry between them. In late November most volume moves to February ahead of December’s first notice day.
A common mistake
Comparing a spot price with a deferred futures month and concluding the platform is wrong.
See also: GC futures, Roll, First notice day, Contango.
Frequently asked questions
What does GCZ mean?
The COMEX gold futures contract for December delivery. GC is gold and Z is the code for December.
Which gold futures months are most active?
February, April, June, August, October and December (G, J, M, Q, V, Z).
What is the front month?
The nearest active contract month with the most trading, which most traders and charts follow.
What does the number after the month code mean?
It is the year. GCZ6 or GCZ26 both mean December 2026; platforms differ in whether they show one or two digits.