Intercontinental Exchange Inc., which runs the daily London gold auction, will start a futures contract for the metal in the U.S. in February, jumping the gun on the London Metal Exchange which is also working on a London-focused product.

The contract, subject to regulatory approval, will be for bullion held in London and traded on ICE Futures U.S. in New York. Each contract will be for 100 troy ounces of metal and will be used to clear the London gold auction, starting in March. The London Metal Exchange is scheduled to begin its own futures contracts in the first half of next year.