Cole's Jewelers Purchased a Futures Contract on 200 Ounces of Gold

Multiple Choice

Cole's Jewelers purchased a futures contract on 200 ounces of gold to be exchanged 3 months from now. As the contract holder, Cole's Jewelers:

A) has the right, but not the obligation, to purchase 200 ounces of gold 3 months from now.
B) has the obligation to purchase 200 ounces of gold at the market price 3 months from now.
C) has an obligation to buy 200 ounces of gold but only if the price of gold increases within the next 3 months.
D) is expecting the price of gold to decrease and thus is locking in a selling price.
E) will profit if the price of gold is higher three months from now.