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How much do you gain or lose as of the close

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Question - Suppose that on October 24 you Sell 7 March gold futures contracts for $285 per ounce. At 11:00 am on October 25 you buy 5 March contracts for $276.5 ounce. At the close of trading on October 25, gold futures settle for $270.5 ounce. If the contract size is 100 ounces and the initial margin equals 2850, how much do you gain or lose as of the close?

Reference no: EM133046948

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