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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 buy 7 March gold futures contracts for $325 per ounce. At 11:00 am on October 25 you buy 4 more contracts for $330.5 ounce. At the close of trading on October 25, gold futures settle for $338.0 ounce. If the contract size is 100 ounces and the initial margin equals 3250. How much do you gain or lose as of the close?

Reference no: EM133045945

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