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Is it ever optimal to exercise early an American call option on the futures price of...

Is it ever optimal to exercise early an American call option on the futures price of gold. Explain in detail..

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It is not optimal to exercise the call option of American type while there may be benefit of exercising the put option early. When the investor holds the option till expiration then he is saving the interest on the strike price. Because when the investor exercises the option before expiry then we will own the asset (Gold) by paying the strike price today while if he holds till expiry then he has to pay the same at the time of expiry. This can be understood by the example-

Lets say that the strike price of 1 ounce of gold is $3000 and call premium is $100. This option is in-the-money and time till maturity is 1 year.

If the investor exercises the option then he has to pay $3000 today to own the asset while he can also have option to pay $3000 at the time of expiry. It is wiser to pay the same amount 1 year than today as the investor will be saving on the interest cost on $3000.

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