Gold Futures Contract Specifications (GC)
The COMEX gold contract is 100 troy ounces. One tick is ten cents an ounce, which is $10 per contract. Everything else about trading it follows from those two numbers.
Specifications
| Contract unit | 100 oz |
| Exchange | COMEX/CME |
| Symbol | GC |
| Tick size | 0.1 |
| Tick value | $10 |
| Point value | $100.00 |
| Delivery months | G,J,M,Q,V,Z |
| Category | Metals |
Margin is not listed here on purpose — CME revises it and every broker adds its own buffer. Check your broker's platform for the live figure. See the margin calculator to work out what a position will tie up.
Reading the tick value
Gold quotes in dollars per ounce to two decimals. A move from $2,650.00 to $2,651.00 is one full point, worth $100 per contract. A move of ten cents is one tick, worth $10. The 10:1 ratio between point and tick is worth memorising because most gold commentary talks in dollars per ounce, not in ticks.
The contract sizes
| Contract | Symbol | Size | Tick value | Use |
|---|---|---|---|---|
| Gold | GC | 100 oz | $10.00 | Standard institutional size |
| E-mini Gold | QO | 50 oz | $12.50 | Half size |
| Micro Gold | MGC | 10 oz | $1.00 | Retail and small accounts |
| 1-Ounce Gold | 1OZ | 1 oz | $0.25 | Fractional exposure |
Note the E-mini (QO) has a larger tick value than the full contract — 50 oz with a 25-cent tick. Contract size and tick value are not the same ranking. This is exactly the trap described in the tick value guide.
Delivery months and the roll
GC trades actively in February, April, June, August, October and December (G, J, M, Q, V, Z). The most liquid months are typically February, April, June, August and December. Liquidity concentrates in the nearest active month, and open interest migrates over a few weeks before expiry.
What actually moves gold futures
- Real interest rates — gold pays no yield, so it competes with the real return on cash and bonds
- The dollar — gold is priced in USD, so a stronger dollar mechanically pressures the price
- Central bank buying — official-sector demand has been a persistent bid since 2022
- Geopolitical risk — a safe-haven bid that appears fast and fades slowly
- Positioning — CFTC managed-money data shows crowding that often precedes sharp reversals
This is context, not a recommendation. Nothing here tells you which way gold is going.
Gold vs the micro
MGC is one tenth of GC in size and one tenth in tick value. If a $10 per tick move is too large for your risk budget relative to your stop distance, MGC gives you the same trade at $1 per tick. The commission ratio problem described in the ES vs MES comparison applies to gold too.
More metals contracts
- E-micro Silver (SIL) — 1,000 oz, $10 per tick
- Copper (HG) — 25,000 lbs, $12.50 per tick
- E-mini Gold (QO) — 50 oz, $12.50 per tick
- Platinum (PL) — 50 oz, $5 per tick
- E-mini Copper (QC) — 12,500 lbs, $25 per tick
- Silver (SI) — 5,000 oz, $25 per tick
Full list: all 135 contract specifications.
Frequently asked
How much is one point in gold futures?
$100 per contract for GC (100 oz × $1). Ten cents — one tick — is $10.
What is the minimum move in gold futures?
Ten cents per ounce, which is $10 per contract on GC and $1 on MGC.
Is gold futures the same as spot gold?
No. Futures are exchange-traded, standardised, and settle on a delivery date. Spot trades over the counter for immediate settlement. The prices track closely but the instruments differ.