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A futures contract on gold is based on 100 troy ounces with prices quoted in dollars per troy ounce. Assume one contract called for delivery some time during the month of April. The price of gold opened the month at 1,194. The low quote for April was 1,189, the high was 1,212, and the end of month settle quote was 1,197. By what amount did the value on one contract vary over the month of April? A. $30 B. $23 C. $3,000 D. $2,300

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Answer:

D. $2,300

Explanation:

Dollar variation = Futures contract on gold × (April High quote - April Low quote)

Futures contract on gold 100

April High quote $1,212

April Low quote $1,189

Hence:

Dollar variation = 100 × ($1,212 - 1,189)

=100×$23

= $2,300

Therefore the amount that the value on one contract vary over the month of April will be $2,300

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