Question on futures contract on gold. Suppose that the spot price of gold is $1,800 an ounce but the futures price is $1,850. Since the contracts are for 100 ounces of gold, a contract is worth $185,000. The margin requirement is $10,000 a contract. If the futures price rises by 1 percent to $1,868.50, what is the percentage gain or loss on you position? Select one: a 1% b. 18.5% -10% d. 18.5% SOX