Micro Gold Futures (MGC): 10 Ounce COMEX Gold Contract Specs and Margin

Q: How does MGC size up against GC?

Ten. Ten MGC contracts cover 100 troy ounces, the same quantity as one GC contract, and five MGC contracts match one E-mini Gold (QO) contract.

Q: What does each MGC tick represent in dollars?

$1.00. The minimum move is $0.10 per troy ounce, multiplied by 10 ounces.

Q: How much does a $50 gold move change an MGC position?

$500 per contract, since every $1.00 per ounce is worth $10 on MGC.

Q: What is the notional value of a Micro Gold contract?

Ten times the gold price. At $4,000 per ounce, one MGC contract represents $40,000 of gold, although only margin is deposited to hold it.

Q: Can an MGC position end in delivery of gold?

Yes. A long position held into the delivery period can result in receiving 10 troy ounces at an approved COMEX depository, so most traders close or roll before first notice day.

Q: Which months does MGC list?

February, April, June, August, October and December within the nearest 24 months. Volume tends to concentrate in the nearest of those months.

Q: What is the last trading day for MGC?

The final session for an MGC month is its third last business day; December MGC, for example, finishes in late December.

Q: How much margin is needed for one Micro Gold contract?

An intraday MGC position requires $100 per contract, and an overnight MGC position requires $2,640. Margins change with volatility; see the margins page .

Q: When is MGC open on CME Globex?

From 5:00 p.m. CT Sunday through 4:00 p.m. CT Friday, with a one hour pause starting at 4:00 p.m. CT on weekdays.

What Are Micro Gold Futures (MGC)?

Micro Gold futures (MGC) are the 10 troy ounce gold contract on COMEX, part of CME Group. One MGC equals one tenth of the 100 ounce COMEX Gold (GC) contract and one fifth of E-mini Gold (QO), so ten MGC contracts carry the same gold exposure as a single GC. Like GC, MGC is physically delivered, and both are quoted in dollars and cents per troy ounce.

Each $0.10 tick is worth $1.00, and a $1.00 move in gold changes the value of one MGC contract by $10. That scale suits traders who want to build or trim a gold position in small steps, accounts not ready for GC margin, and hedgers whose exposure is measured in tens of ounces rather than hundreds. For an even smaller size, CME Group lists 1 Ounce Gold (1OZ).

Micro Gold (MGC) Contract Terms

Product:

Micro Gold

Futures Contract Symbol:

MGC

Exchange:

COMEX (part of CME Group)

Contract Size:

10 troy ounces

Trading Hours:

CME Globex: Sunday 5:00 PM to Friday 4:00 PM CT, pausing for one hour at 4:00 PM CT each weekday

Minimum Price Fluctuation:

$0.10 per troy ounce = $1.00

Contract Months:

Monthly contracts listed for any Feb, Apr, Jun, Aug, Oct, and Dec in the nearest 24 months

Settlement Method:

Physical delivery (deliverable)

Exchange Fees:

$0.62/contract

Micro Gold (MGC) Day and Overnight Margin

Holding Period:

Day Trading Margins

Overnight Margins

Margins:

$100

$2,640

Scheduled Events Micro Gold Traders Follow

Gold reacts to a recurring calendar of economic releases and policy decisions. This list describes what MGC traders typically monitor; it is not a forecast of price direction.

Federal Reserve meetings: rate decisions and the projections released four times a year shape expectations for real interest rates, which affect the cost of holding gold.
CPI and PCE inflation: monthly inflation data changes how investors view gold as a store of value.
The monthly jobs report: payroll and wage figures, usually released on the first Friday of the month, influence rate expectations and the dollar.
The U.S. Dollar Index: because gold is priced in dollars, a shift in the dollar against major currencies often shows up in gold.
TIPS yields: yields on Treasury Inflation Protected Securities are a common measure of real rates.
Central bank reserve data: monthly and quarterly reports on official gold purchases are followed for signs of changing reserve demand.

At $10 per $1.00 move, a $25 swing in gold equals $250 on one MGC contract. Gold futures carry substantial risk, and losses can be larger than the margin posted.

MGC is one of four COMEX gold sizes, and the gold futures hub compares GC, QO, MGC and 1OZ side by side. Margin for every metals contract is on our futures margins page. Related sizes: COMEX Gold (GC), E-mini Gold (QO) and 1 Ounce Gold (1OZ). For silver at a small size, see Micro Silver (SIL).

Ready to trade 10 ounce gold? Open an MGC account or request a commission quote.

Official Exchange Source: CME Group Micro Gold (MGC) Contract Specifications

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