Suppose you buy a put option contract on October gold futures with a strike price of $1400

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Suppose you buy a put option contract on October gold futures with a strike price of $1400 per ounce. Each contract is for the delivery of 100 ounces. What happens if you exercise when the October futures price is $1,380?
Strike Price
In finance, the strike price of an option is the fixed price at which the owner of the option can buy, or sell, the underlying security or commodity.
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