GOLD has Futures only in alternate months. For example, GOLD JUN FUT expires on 05.06.2025, there is no GOLD JUL FUT, and GOLD AUG FUT expires on 05.08.2025.
We have GOLD Options, both PE and CE expiring every month. For example, GOLD MAY 95000 CE expires on 27.05.2025. 95000 CE is benchmarked against GOLD JUN FUT price (Futures price is considered as the Spot price to determine whether the Options expires ITM or OTM). If GOLD MAY 95000 CE expires ITM, then it will devolved into GOLD JUN FUT (if sufficient margins are available). This much is clear.
Consider this scenario. GOLD JUN 95000 CE expires on 30.06.2025. There is no GOLD JUL FUT. Will GOLD JUN 95000 CE be benchmarked against GOLD AUG FUT to determine whether it expires ITM or OTM? If it expires ITM, will GOLD JUN 95000 CE devolve into GOLD AUG FUT on the expiry day on 30.06.2025?