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A contract specification is the published set of parameters for an instrument: contract size, tick size and value, minimum and maximum order size, volume step, margin requirement, swap rates, trading hours and, for dated instruments, the expiry date. At GCC Brokers they are shown on each instrument page and in MetaTrader 5 (right-click the symbol and choose Specification), and they can change.
Before trading gold, you open the XAUUSD specification in MetaTrader 5 to check the contract size, the smallest lot you can trade, the margin rate and the current swap for long and short positions.
