E-mini Gold Futures (QO): 50 Ounce Cash Settled COMEX Gold Contract

Q: How does QO compare in size with GC and MGC?

QO is half of GC at 100 ounces and five times MGC at 10 ounces, so a pair of QO positions covers the same gold as one GC.

Q: How large is a QO tick?

$0.25 per troy ounce, worth $12.50 per contract.

Q: What does a $10 gold move mean for one QO contract?

$500. Each $1.00 per ounce change is worth $50 on 50 ounces.

Q: Does QO involve physical delivery?

No. QO is financially settled, so positions open at expiration are settled in cash and no metal changes hands.

Q: When does QO stop trading?

QO expires earlier than GC: its final trading day is the third last business day of the month preceding the contract month.

Q: Which QO contract months are listed?

February, April, June, August, October and December, within the 24 month period in which the matching GC contract is listed.

Q: How much capital is required to day trade or hold QO?

Day trading one QO contract at Lincoln Park Financial takes $250; carrying it past the close takes $13,200. Our margins page always shows the latest numbers.

Q: What hours does QO trade?

QO trades Sunday through Friday on CME Globex from 5:00 p.m. to 4:00 p.m. CT, paused between 4:00 p.m. and 5:00 p.m. CT.

Q: Why is the QO tick larger than the GC tick?

QO moves in quarter dollar increments while GC moves in dimes, so a single QO tick covers more of a price change even though the contract is half the size.

What Is an E-mini Gold (QO) Futures Contract?

E-mini Gold futures (QO) cover 50 troy ounces of gold, half of a standard COMEX Gold (GC) contract and five times the size of Micro Gold (MGC). QO is listed on COMEX, part of CME Group, and is financially settled: expiring contracts are closed out in cash against the GC settlement price instead of through delivery of metal.

QO moves in $0.25 increments, so each tick is worth $12.50 and a $1.00 move in gold equals $50 per contract. It fits traders who want gold exposure between the micro and standard sizes without a delivery obligation.

E-mini Gold (QO) Specifications

QO is quoted in dollars and cents per troy ounce. Its $0.25 tick is larger than the $0.10 tick on GC and MGC, and trading in each QO contract month ends on the third last business day of the month before the contract month, ahead of the GC delivery period.

Product:

E-mini Gold

Futures Contract Symbol:

Exchange:

COMEX (part of CME Group)

Contract Size:

50 troy ounces

Trading Hours:

Sunday to Friday, 5:00 PM to 4:00 PM CT, with trading paused from 4:00 PM until 5:00 PM CT

Minimum Price Fluctuation:

Quarter dollar ($0.25) per ounce, equal to $12.50 per contract

Contract Months:

Monthly contracts (Feb, Apr, Jun, Aug, Oct, Dec) falling within a 24 month period for which a 100 troy ounce Gold futures contract is listed

Settlement Method:

Cash settled to the GC settlement price

Exchange Fees:

$1.02/contract

E-mini Gold (QO) Margin Requirements

Holding Period:

Day Trading Margins

Overnight Margins

Margins:

$250

$13,200

QO sits between MGC and GC in the COMEX gold lineup, and our gold futures page lays out all four sizes. Day and overnight figures for every metal are on the margins page. Compare GC, MGC and 1OZ, or open an account to trade QO.

Source: CME

The above information is derived from sources believed to be accurate. It is provided without guarantees and is subject change without notice.

How Gold Price Moves Translate to a QO Position

Because QO settles against GC, it follows the same gold market. Each $1.00 change in the gold price is worth $50 on one QO contract, so a $20 move equals $1,000. Gold traders commonly analyze the factors listed here; they do not indicate where prices are headed.

Real yields: the return on inflation adjusted Treasury securities affects the opportunity cost of owning gold.
Currency moves: gold is quoted in U.S. dollars, so dollar strength or weakness changes its price for overseas buyers.
Physical demand: jewelry, bar and coin buying in India and China follows seasonal patterns such as festival and wedding seasons.
ETF holdings: daily changes in the gold held by exchange traded funds show investor flows.
Risk events: elections, conflicts and financial stress can change demand for gold as a reserve asset.

Losses on QO can exceed the margin on deposit.