You are looking at taking a long position in June 2021 gold futures. Below is a price quote on the contract.

June 2021

Last 1795.7

Each contract is for 100 ounces of gold. Describe what happens if you go long one contract now and the closing price of gold in June (at contract expiration) is $1,825 per ounce.

What changes in the above scenario if the closing price of gold in June (at contract expiration) is $1,750 per ounce?

Include in both answers the resulting profit or loss on the long position.