Question 2\ 20 Points\ As a jewelery manufactuer you took out a long futures contract to buy gold in January at a price of

$1,600

per ounce. Each contract is for 100 ounces of gold. Today, on December 9 , you decided to close out the contract and you purchased 120 ouncesof gold in the spot market at a priceof

$1530

per ounce. What is the effective price you paid for each ounce of gold?

As a jewelery manufactuer you took out a long futures contract to buy gold in January at a price of $1,600 per ounce. Each contract is for 100 ounces of gold. Today, on December 9, you decided to close out the contract and you purchased 120 ouncesof gold in the spot market at a priceof $1530 per ounce. What is the effective price you paid for each ounce of gold