Appendixes

Appendix to Gold Futures Contract of Shanghai Futures Exchange

Updated on Jul 12,2024

I. Delivery Unit

The contract size for Gold futures is 1,000 grams per lot; the delivery unit is 3,000 grams (fine weight) per warrant. Delivery shall be made in integral multiple(s) of the delivery unit.

II. Quality Standards

(1) The gold content of gold ingots used for physical delivery shall be no less than 99.95%.

(2) The chemical composition of domestic gold ingots shall meet the specifications in the following table.Gold content is determined by the subtraction method (i.e., 100% minus the measured impurity levels). The impurities to be measured include but are not limited to the elements listed in the table below:

Grade (designation)	Chemical composition ,%
	Au ,≥	Impurity level ,≤
	Au ,≥	Ag	Cu	Fe	Pb	Bi	Sb	Total
Au99.99	99.99	0.005	0.002	0.002	0.001	0.002	0.001	0.01
Au99.95	99.95	0.020	0.015	0.003	0.003	0.002	0.002	0.05

Other properties shall conform to the standards set forth in GB/T 4134-2021.

(3) Deliverable gold ingots shall have a nominal weight of 1,000 g (gold content not less than 99.99%) or 3,000 g (gold content not less than 99.95%).

(4) A three-thousand-gram gold ingot shall have a maximum weight (fine weight) tolerance of ±50 g. The weight (gross weight) of a one-thousand-gram ingot shall be no less than 1,000 g and any excess will not be counted.

Each gold ingot shall have a maximum pound difference of ±0.1 g.

(5) Gold underlying each warrant shall consist of gold ingots of the same manufacturer, grade (designation), registered trademark, quality grade, and shape.

(6) Gold ingots underlying each warrant shall be of a registered brand approved or recognized by SHFE, accompanied by corresponding certificate of quality.

III. Manufacturers and Registered Brands Recognized by SHFE

Gold ingots used for physical delivery shall be of a brand registered with SHFE or be standard gold ingots produced by a supplier or refiner certified by the London Bullion Market Association (LBMA) and recognized by SHFE. The registered brands and the standards of premiums and discounts will be separately specified and announced by SHFE.

IV. Designated Delivery Vaults

Designated Delivery Vaults will be specified and separately announced by the Exchange.