Gold futures are exchange-traded contracts to buy or sell gold at a set price on a future date. The standard COMEX contract (GC) covers 100 troy ounces, and the Micro Gold contract (MGC) covers 10. A price move of $1 per ounce is $100 per standard contract and $10 per micro. Most traders close before expiry and use margin, which magnifies both gains and losses.
Gold is one of the most traded commodities in the world, and futures are the main way active traders get exposure to it. They are also leveraged, so size matters. This guide covers how the contracts are built, the numbers you need, and how to size a trade.
Contract specifications can change, so confirm them on the CME Group website before you trade.
The main contracts
| Contract | Ticker | Size | Tick size | Tick value |
|---|---|---|---|---|
| Gold futures | GC | 100 troy ounces | $0.10 per ounce | $10 |
| Micro Gold futures | MGC | 10 troy ounces | $0.10 per ounce | $1 |
Prices are quoted in US dollars per troy ounce. A $1 move per ounce equals $100 on one GC contract and $10 on one MGC contract. These are listed on COMEX, part of CME Group.
A worked example
Gold trades at $3,000 per ounce. You buy one MGC contract, so you control 10 ounces, which is $30,000 of gold.
- Price rises $15 to $3,015: gain = 15 × 10 = $150.
- Price falls $15 to $2,985: loss = $150.
You post margin, a performance deposit that is a fraction of the contract value. The amount is set by the exchange and your broker and changes with volatility, so check it before you trade. The deposit is not your maximum loss. See how futures work.
Prices in this example are illustrative, not a forecast or a current quote.
Score the Setup Before You Take It
TRADZY's Void Engine rates any setup 0–100 across 12+ variables: structure, trend alignment, volume, momentum and key levels.
Score a Setup Free →Sizing a gold futures trade
- Decide your risk in dollars, for example $100.
- Decide your stop distance in dollars per ounce, for example $8.
- Divide: $100 ÷ ($8 × 10 ounces) = 1.25, so one micro contract (risk $80) fits, but a standard contract (risk $800) does not.
This shows why beginners start with micros. See position sizing.
Contract months and expiry
Gold futures trade in several delivery months, and the front or most active month has the most volume. Traders who want to stay in a position roll it to the next month before expiry. Physical delivery exists for GC, but most traders close out well before then. Check the exchange calendar for the exact expiry and last trading dates.
Trading hours
Gold futures trade nearly around the clock on weekdays on CME Globex, with a short daily break. Check the current schedule, because holiday hours differ. See futures trading hours.
What moves gold
- Interest rates and real yields: gold pays no interest, so higher real yields tend to weigh on it.
- The US dollar: a stronger dollar often pressures gold priced in dollars.
- Inflation and economic uncertainty: gold is often bought as a store of value in stress.
- Central bank buying and demand for jewellery and investment.
- Geopolitical events and risk appetite.
Many of these arrive on scheduled releases. See the economic calendar guide.
Gold futures vs other ways to own gold
| Way | Leverage | Expiry | Notes |
|---|---|---|---|
| Futures (GC, MGC) | Yes, high | Yes | Margin and rolling |
| Gold ETFs | No | No | Simple, with fund fees |
| Physical gold | No | No | Storage and spreads |
| CFDs | Yes | Usually no | Broker spread; regulation varies |
| Mining stocks | No | No | Equity risk on top of gold |
Risks
- Leverage: a small move against you can cause large losses, even more than your deposit.
- Gaps and spikes around news can jump past a stop.
- Overnight margin changes.
- Costs: commissions, exchange fees and data.
Keep size small, always define your stop, and practise first. See paper trading and what is futures trading.
FAQ
How much is one gold futures contract?
A standard GC contract is 100 troy ounces, so its value is 100 times the gold price per ounce. A micro MGC contract is 10 ounces.
What is the tick value of gold futures?
For GC, one tick of $0.10 per ounce is worth $10. For MGC, a tick is worth $1.
How much margin do I need for gold futures?
It depends on the exchange and your broker and changes with volatility. Check the current requirement before trading, and keep extra funds to avoid margin calls.
Can you trade gold futures with a small account?
Micro gold futures make it possible, but risk per trade must stay small relative to your balance. Always size from the stop distance.
Do gold futures require delivery?
The standard contract can be delivered physically, but most traders close or roll their positions before expiry and never take delivery.
Put This Into Practice
- Score your next setup 0–100 with the Void Engine before entering
- Log the trade and tag the setup in the TradLog
- Review weekly: keep what pays, cut what doesn't
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Educational content, not financial advice. Trading involves substantial risk of loss.