Gold Futures Curve & Basis Monitor
Every active COMEX gold contract month on one curve: contango or backwardation, the annualised carry against Treasury bill rates, how the curve moved over three months, and the futures-spot basis.
The curve: price by months to expiry
30 Oct 2026 1 month earlier 3 months earlier x-axis: months from 30 Oct 2026 to each contract's last trading day
Every active contract month (closes 30 Oct 2026)
| Contract | Last trading day | Days | Close | Spread vs front | Annualised carry vs front | Carry vs previous month |
|---|---|---|---|---|---|---|
| Nov 2026 GCX26 | 26 Nov 2026 | 27 | 3,885.7 | — | — | — |
| Dec 2026 GCZ26 | 29 Dec 2026 | 60 | 3,898.9 | +13.2 | 3.76% | 3.76% |
| Jan 2027 GCF27 | 27 Jan 2027 | 89 | 3,916.3 | +30.6 | 4.64% | 5.62% |
| Feb 2027 GCG27 | 24 Feb 2027 | 117 | 3,930.9 | +45.2 | 4.72% | 4.86% |
| Mar 2027 GCH27 | 29 Mar 2027 | 150 | 3,945.7 | +60.0 | 4.58% | 4.16% |
| Apr 2027 GCJ27 | 28 Apr 2027 | 180 | 3,961.7 | +76.0 | 4.67% | 4.93% |
| May 2027 GCK27 | 27 May 2027 | 209 | 3,978.9 | +93.2 | 4.81% | 5.46% |
| Jun 2027 GCM27 | 28 Jun 2027 | 241 | 3,994.9 | +109.2 | 4.79% | 4.59% |
| Jul 2027 GCN27 | 28 Jul 2027 | 271 | 4,011.3 | +125.6 | 4.84% | 4.99% |
| Aug 2027 GCQ27 | 27 Aug 2027 | 301 | 4,028.3 | +142.6 | 4.89% | 5.16% |
| Sep 2027 GCU27 | 28 Sep 2027 | 333 | 4,044.1 | +158.4 | 4.86% | 4.47% |
| Oct 2027 GCV27 | 27 Oct 2027 | 362 | 4,059.8 | +174.1 | 4.88% | 4.89% |
| Nov 2027 GCX27 | 26 Nov 2027 | 392 | 4,075.7 | +190.0 | 4.89% | 4.77% |
| Dec 2027 GCZ27 | 29 Dec 2027 | 425 | 4,091.4 | +205.7 | 4.85% | 4.26% |
| Jan 2028 GCF28 | 27 Jan 2028 | 454 | 4,107.2 | +221.5 | 4.87% | 4.86% |
| Feb 2028 GCG28 | 25 Feb 2028 | 483 | 4,122.4 | +236.7 | 4.88% | 4.66% |
| Mar 2028 GCH28 | 29 Mar 2028 | 516 | 4,137.6 | +251.9 | 4.84% | 4.08% |
| Apr 2028 GCJ28 | 26 Apr 2028 | 544 | 4,152.4 | +266.7 | 4.85% | 4.66% |
| May 2028 GCK28 | 29 May 2028 | 577 | 4,166.6 | +280.9 | 4.80% | 3.78% |
| Jun 2028 GCM28 | 28 Jun 2028 | 607 | 4,180.5 | +294.8 | 4.77% | 4.06% |
| Jul 2028 GCN28 | 27 Jul 2028 | 636 | 4,195.5 | +309.8 | 4.78% | 4.52% |
| Aug 2028 GCQ28 | 29 Aug 2028 | 669 | 4,210.2 | +324.5 | 4.75% | 3.88% |
Annualised carry = (later price ÷ earlier price − 1) × 365 ÷ days between the two last trading days. Last trading days are estimated with the COMEX rule (third-last business day of the month; holidays can move it a day). Only months with a trade in the last week are shown.
Carry vs interest rates: Dec 2026 to Jun 2027 (annualised, last 126 sessions)
Annualised carry between the two contracts 3-month US T-bill rate (FRED DTB3)
Sources: COMEX gold futures contract months (GC) daily closes via Yahoo Finance; 3-month US Treasury bill rate (DTB3) from FRED, Federal Reserve Bank of St. Louis. Futures-spot basis: the site's own measurement (COMEX close minus spot close of the same day). Data updated 2026-11-02.
What the gold futures curve shows
The gold futures curve lines up the price of every COMEX gold contract month, from the nearest to about two years out. On 30 Oct 2026 the front month (Nov 2026) closed at 3,885.7 and the curve was in full contango (every later month above the one before). Buying gold for delivery about a year later cost 4.89% a year more than buying the front month, against a 3-month Treasury bill rate of 4.00%.
Contango, backwardation and carry
Gold is almost always in contango: later months cost more. The reason is carry: someone who buys gold now and sells a future pays to finance and store it until delivery, so the futures price includes roughly the interest rate for that period (minus the small return from lending the gold out). That is why the annualised carry tracks short-term US interest rates; between Dec 2026 and Jun 2027 it was 4.96% on the latest day.
Backwardation (later months cheaper) is rare in gold and signals an acute shortage of metal available for delivery or lending. When the carry falls well below T-bill rates, gold is scarcer to borrow than usual; when it rises above, financing or storage demand is unusually high.
The futures-spot basis
Spot XAUUSD and COMEX futures are the same metal on different delivery dates, so the front future usually sits a few dollars to a few tens of dollars above spot (+22.5 on 30 Oct 2026 on the site's latest measurement). The basis shrinks as a contract approaches delivery and jumps at each roll, which is why charts of continuous futures and spot gold differ slightly. More on spot gold vs gold futures.
Why traders watch it
- Financing costs: the carry is roughly what holding a long gold position costs over time, which is also what drives the overnight swap on spot positions. Compare with the swap calculator.
- Stress signals: a flattening curve or a sudden drop in carry can be the first sign of physical tightness.
- Rolls: funds and the positions in the COT reports roll from one active month (Feb, Apr, Jun, Aug, Oct, Dec) to the next; the spread they pay is on this curve.
Method and data
- Daily closes of each COMEX gold contract month via Yahoo Finance; months with no trade in the past week are left out. Closes are last trades, which can differ slightly from the exchange's official settlement prices.
- The "as of" day is the latest session that at least 80% of the months have a close for, so the curve compares like with like.
- 3-month Treasury bill rate: FRED series DTB3 (discount basis), public US government data.
- Updated automatically several times a day.
Frequently asked questions
Is gold in contango or backwardation?
On 30 Oct 2026 the COMEX gold curve was in full contango (every later month above the one before). Gold is in contango most of the time because later delivery includes the cost of financing and storing the metal.
Why are gold futures more expensive than spot?
Because a futures price includes the cost of carrying gold until delivery, mainly the interest you would earn on the money instead. That difference is the basis; it is usually a few dollars to a few tens of dollars per ounce for the front month.
What does gold backwardation mean?
That gold for later delivery is cheaper than for nearer delivery. It is rare and usually signals a shortage of metal available right now, so it is watched as a stress signal.
What is the annualised carry?
The percentage difference between two contract prices, scaled to a year by the number of days between their last trading days. For gold it usually sits close to short-term US interest rates.
Which gold futures months are most active?
February, April, June, August, October and December are the main active months for COMEX gold. Other months trade too, but with less volume.
How often is this page updated?
Several times a day with the site’s data refresh. Prices are the latest closes, not live quotes.
Educational tool only. Not financial advice and not a signal. Check your own broker's contract specification, margin rules and costs. Past data does not predict future prices. See our risk disclaimer.