London GoldAfter the position crosses the settlement time, overnight interest will be generated.Wmax · 威马证券 is currently calculated based on closing price, contract unit, trading volume, holding days, and corresponding annual interest rate, with different interest rates applied to buy and sell positions. Closing a position on the same day and holding it continuously for several days naturally result in different fees.

Many people first look at the spread when trading, and as the holding time lengthens, overnight fees begin to enter the actual cost. Especially when preparing to take orders for a few days, it will be clearer to calculate before opening the warehouse.

How to calculate overnight interest

The currently used calculation formula is:

Overnight interest=closing price x contract unit x trading volume x holding days x annual interest rate ÷ 360

The current contract unit for London gold is 100 ounces per lot.

In terms of overnight interest rates, buying positions are calculated at an annual interest rate of 1.25%, while selling positions are calculated at an annual interest rate of 0.75%. The relevant parameters will be adjusted according to the trading rules, and the actual trading rules at that time shall prevail.

We use a convenient hypothetical number to calculate.

Assuming the closing price of London gold on that day is $4300, hold a buy position of 0.1 lots for one night:

4300×100×0.1×1.25%÷360

Approximately 1.49 US dollars.

If it is the same $4300, 0.1 lot sell position:

4300×100×0.1×0.75%÷360

Approximately 0.90 US dollars.

The $4300 here is just a calculation example and does not represent the actual gold quote for the day.

How to calculate holding for three days

The formula includes' holding days', so as the time is extended, fees will also accumulate.

Still using the example of buying 0.1 lots just now.

Approximately $1.49 per day, based on the same closing price, it is estimated to be around $4.48 for three days.

In real trading, the closing price of gold changes every day, so the overnight fee will also change accordingly. It is not enough to simply multiply the first day's number permanently.

If the position is larger, the cost will also increase synchronously.

Under the same conditions, the cost of 1 lot is approximately 10 times that of 0.1 lot; 0.01 hands is approximately one tenth of 0.1 hands.

When does it count as overnight

The current rules of Wmax · 威马证券 are judged based on settlement time.

The settlement time during daylight saving time is from 5am to 6am Beijing time, and during winter time it is from 6am to 7am. After the position crosses the corresponding settlement node, overnight fees will be calculated according to the rules.

Therefore, 'the order opened today will be closed tomorrow' is just a rough statement.

What really matters is whether the position has crossed the settlement time.

For example, opening a warehouse at night and settling it before dawn is different from holding it until settlement, and the handling of fees is different.

Why are buying and selling fees different

Buying and selling use different annual interest rates, so there will be differences in fees for both sides at the same price, same lot size, and same holding time.

Currently, the buy rate is 1.25% and the sell rate is 0.75%.

This usually has less significant short-term impact, but if the holding time changes from one day to several days or even longer, the accumulated difference is worth calculating.

How long should I prepare to take the trading plan? It's best to think carefully before opening the position.

Spread and overnight interest should be viewed separately

Spreads usually affect costs when establishing trades.

The overnight interest rate is related to the holding time.

So the actual cost of an order cannot be based solely on a certain number.

Short term trading completed on the same day makes it easier to feel the spread; After the holding time is extended, the proportion of overnight fees will increase.

If the original plan was to end on the same day, but the position is temporarily reserved for the next day, this part of the cost must also be recalculated.

What beginners tend to miss easily

The most common scenario is to only calculate margin without taking into account holding costs.

Margin determines how much capital a position needs to occupy, while overnight fees determine the cost incurred when a position is held across days; the two serve different purposes.

Another easily overlooked point is position arrangements around weekends and holidays.

If you plan to hold a position over the weekend or face adjusted trading hours, check the current trading notice first before deciding on your position.

The longer the trading hours, the more specific your plan should be.

Risk warning: London gold is traded on margin, and market prices and trading parameters may change. The examples in this article are for illustrating calculation methods; actual fees are subject to account records and the trading rules in effect at the time.

Wmax · 威马证券现行规则按结算时间判断。

夏令时结算时间为北京时间凌晨5点至6点，冬令时为凌晨6点至7点。仓位跨过相应结算节点后，就会按照规则计算隔夜费用。

因此，“今天开的单、明天才关”只是一个大概说法。

真正要看的，是仓位有没有跨过结算时间。

比如晚上开仓，凌晨结算前已经平掉，和一直持有到结算之后，费用处理就不一样。

为什么买入和卖出费用不一样

买入与卖出采用不同年利率，所以相同价格、相同手数和相同持仓时间下，两边费用会有差别。

目前买入为1.25%，卖出为0.75%。

这一点对短线影响通常没那么明显，但如果持仓时间从一天变成几天甚至更久，累计后的差距就值得计算了。

交易计划准备拿多久，最好在开仓前想清楚。

点差和隔夜利息要分开看

点差通常在建立交易时就会影响成本。

隔夜利息和持仓时间有关。

所以一笔订单的实际成本不能只看某一个数字。

当天完成的短线交易，更容易感受到点差；持仓时间拉长后，隔夜费用的占比会上升。

如果原本计划当天结束，却临时把仓位留到第二天，也要把这部分成本重新算进去。

新手容易漏掉什么

最常见的一种情况，是只计算保证金，没有计算持仓成本。

保证金解决的是仓位需要占用多少资金，隔夜费用解决的是持仓跨日以后会产生多少费用，两者用途不同。

另一个容易忽略的地方，是周末和节假日附近的持仓安排。

如果准备跨周或碰上交易时间调整，建议先查看当期交易通知，再决定仓位。

交易时间越长，计划越应该具体。

风险提示：伦敦金采用保证金交易，市场价格和交易参数都可能变化。文中算例用于说明计算方法，实际费用以账户记录和当时交易规则为准。