Assume a Futures Contract on Gold Is Based on 100

question 27

Multiple Choice

Assume 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
• E)$300

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