(Trading Symbol GC) - A precious metal traded on the spot and futures market. On NYMEX a contract unit of gold equals 100 troy ounces. One tick in the price of gold is $.10 per troy ounce, or $10 per contract. There are exceptions, but in general, the exchange will call a halt to trading if the price of gold fluctuates more than $75 per troy ounce ($7500 per contract) above or below the previous day's closing price. Maximum daily price fluctuations are lifted during the final 20 minutes of the trading day. See Minimum Price Movement.
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Notable Quotable
What Wealth Cannot Buy
"If all the gold in the world were melted down into a solid cube it would be about the size of an eight room house. If a man got possession of all that gold -- billions of dollars worth -- he could not buy a friend, character, peace of mind, clear conscience or a sense of eternity."