Futures contracts on gold are based on 100 troy ounces and priced in dollars per troy ounce. Assume the January gold contract settled today at 1285.10 and opened at 1284.60. The April contract settled at 1285.30 and opened at 1285. You own four of the April contracts that you purchased at 1284.70. What is your total profit or loss to date?

The correct answer is $240.

Explanation:

According to the scenario, the computation of the given data are as follows:

Number of contracts = 4

Troy Number = 100

End price = 1,285.30

Purchase price = 1,284.7

So, we can calculate the profit or loss by using following formula:

Profit / Loss = Number of contracts × Troy number × ( End Price - Purchase price)

By putting the value, we get

Profit / Loss = 4 × 100 × (1285.30 -1284.7)

Profit = $240

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