The short answer
GC, MGC and 1OZ are the same gold futures price in three sizes: 100 ounces, 10 ounces and 1 ounce. A $1 move in gold is worth $100 on GC, $10 on MGC and $1 on 1OZ. GC and MGC move in $0.10 ticks ($10 and $1 per tick) and are physically deliverable; 1OZ moves in $0.25 ticks ($0.25 per contract) and is cash-settled against the 100-ounce contract.
Size is what decides suitability. Over the past year gold’s median daily range was $95.5 an ounce, which is $9,550 on one GC contract, $955 on one MGC and $95.50 on one 1OZ. The right contract is the one whose normal daily swing, at your stop distance, keeps your risk per trade within your rules.
Contract specifications
| Gold (GC) | Micro Gold (MGC) | 1-Ounce Gold (1OZ) | |
|---|---|---|---|
| Exchange | COMEX (CME Group) | COMEX (CME Group) | COMEX (CME Group) |
| Contract size | 100 troy ounces | 10 troy ounces | 1 troy ounce |
| Price quote | US dollars and cents per ounce | US dollars and cents per ounce | US dollars and cents per ounce |
| Minimum tick | $0.10 per ounce | $0.10 per ounce | $0.25 per ounce |
| Value of one tick | $10.00 | $1.00 | $0.25 |
| Value of a $1 move | $100 | $10 | $1 |
| Settlement | Physical delivery | Physical delivery; CME allows 10 MGC to be offset against 1 GC | Cash-settled to the 100-ounce gold futures price |
| Relative size | 1 | 1/10 of GC | 1/100 of GC, 1/10 of MGC |
Sources: CME Group’s contract specification pages, its Micro Gold product overview and its 1-Ounce Gold FAQ and comparison sheet (links below). CME notes that its rulebook (COMEX chapters for each contract) is the final authority; trading hours, listed months and last trading days are on each contract’s specification page and can change, so check them before you trade.
The three contracts share the same underlying price: CME’s Micro Gold overview states that its daily settlement prices are the same as the full-size contract’s. Continuous “front-month” charts can still differ, because each symbol may point to a different delivery month at a given time.
What real gold moves mean per contract
Specifications only become meaningful when you put real price moves through them. These figures come from COMEX gold futures (GC=F) daily bars for the 250 sessions to 29 October 2026, and 1-hour bars from June 2024:
| Typical gold move (GC=F, 31 Oct 2025 – 29 Oct 2026) | Per ounce | GC (100 oz) | MGC (10 oz) | 1OZ (1 oz) |
|---|---|---|---|---|
| Median daily high−low range | $95.5 | $9,550 | $955 | $95.50 |
| Daily range on the busiest 10% of days (90th percentile) | $183.0 | $18,300 | $1,830 | $183.00 |
| Largest daily range | $779.8 | $77,980 | $7,798 | $779.80 |
| Median close-to-close move | $41.2 | $4,120 | $412 | $41.20 |
| Median 1-hour range (June 2024 – Oct 2026) | $11.2 | $1,120 | $112 | $11.20 |
| Contract value at the 29 Oct 2026 close | $4,031.4 | $403,140 | $40,314 | $4,031.40 |
Three things the table makes clear:
- A “normal” day on GC is a five-figure swing. The median daily range of $95.5 an ounce is $9,550 on one standard contract. That is why GC is mostly used by large accounts and institutions.
- MGC brings the swing to about $955 a day, still large for a small account, and on the busiest tenth of days $1,830 or more.
- 1OZ is the only futures size where a typical day is under $100. The largest daily range in the period, $779.8 an ounce, would still have been $780 on one 1OZ contract and $7,798 on one MGC.
For context on how much gold moves at different times, our when does gold move most tool shows the average range for every hour, and the gold volatility page tracks today’s ATR.
Ticks in a typical day
Another way to see the difference: a $95.5 daily range is 955 ticks on GC or MGC (at $0.10) and 382 ticks on 1OZ (at $0.25). The finer tick on GC and MGC means more precise entries and stops, but each tick is worth 40 times more on GC than on 1OZ.
Margin, in general terms
Futures margin is a performance bond, not a down payment:
- Initial margin is what the exchange (and your broker, which can ask for more) requires to open one contract.
- Maintenance margin is the minimum your account must keep while the position is open.
- Daily settlement: every day the contract is marked to the settlement price and gains or losses move in cash. A losing position can trigger a margin call before you ever close it.
- Margins change. Exchanges raise them when volatility rises, which in practice means when gold is moving most.
We deliberately give no margin figures here, because they change with market conditions; CME publishes current requirements on its margins page. The gold margin calculator shows how margin and leverage work on spot gold, and the same logic, contract value against money posted, applies to futures.
A sizing example (hypothetical)
A trader with a $10,000 account risks 1% ($100) per trade and needs a $25 stop on gold, about a quarter of a typical day’s range.
| Contract | Loss if the $25 stop is hit | Share of the account |
|---|---|---|
| 1 × GC | $2,500 | 25% |
| 1 × MGC | $250 | 2.5% |
| 1 × 1OZ | $25 | 0.25% |
| 4 × 1OZ | $100 | 1% |
Only the 1-ounce contract fits a 1% rule here. With the same stop, MGC would need an account of about $25,000 to keep one contract at 1% risk, and GC about $250,000. The position size calculator does this arithmetic for any stop, and the gold pip calculator shows the value of each move.
Who each contract can suit
| Contract | Can suit | Watch out for |
|---|---|---|
| GC (100 oz) | Large accounts, hedgers, traders who need deep liquidity at size | Five-figure daily swings per contract; delivery rules near expiry |
| MGC (10 oz) | Futures traders with mid-sized accounts who want the same price in a tenth of the size | About $955 a day on a typical day; still physically deliverable, so roll before expiry |
| 1OZ (1 oz) | Smaller accounts and traders learning futures who want fine size control | Cash settlement and contract-specific hours and expiry; check liquidity at the times you trade |
None of this is a recommendation. Futures, CFDs and spot accounts each have their own costs, rules and protections; the gold futures vs CFD mechanics lesson compares them, and spot gold vs gold futures explains why futures quotes sit above XAUUSD.
How we built this page
- Specifications: CME Group’s published specifications and education pages for Gold (GC), Micro Gold (MGC) and 1-Ounce Gold (1OZ), as published on 30 October 2026.
- Price moves: COMEX gold futures, Yahoo Finance symbol GC=F: 250 daily bars from 31 October 2025 to 29 October 2026 (high minus low, close-to-close), and 1-hour bars from 10 June 2024 to 30 October 2026. Per-contract figures are the per-ounce move multiplied by 100, 10 and 1.
Limitations. The past year was unusually volatile for gold, so “typical” moves were larger than in most earlier years. The per-contract figures ignore commissions, exchange fees and slippage. Specifications can change; the exchange’s current pages always take precedence.
What traders can do with this
- Pick the contract from your stop, not your ambition. Work out the loss at your stop for one contract, then check it against your risk rule.
- Plan for the busy days. The 90th-percentile day was nearly twice the median; size for it, especially on NFP and CPI days.
- Know the expiry. Deliverable contracts must be closed or rolled; cash-settled ones still expire.
- Practise first. Many futures platforms offer simulated trading; test your sizing before risking money.
More data-driven guides are on our gold data studies hub, including gold strategies tested on real data.
Get your sizing checked
Inside the XAUUSD Global community, traders using futures, spot and CFDs compare position sizing and risk rules, and get their plans reviewed. No signals. Your first month is free, then $19.99 a month.
Sources
- CME Group: Gold futures contract specifications
- CME Group: Micro Gold futures and Micro Gold and Micro Silver futures product overview
- CME Group: 1-Ounce Gold futures FAQ and 1-ounce futures comparison
- CME Group: margins
- COMEX gold futures (GC=F) daily and 1-hour data via Yahoo Finance, downloaded 30 October 2026; all per-contract figures are our own calculations
Educational content only, not financial advice. Futures and leveraged products carry a high risk of loss, which can exceed your deposit.
Frequently asked questions
What is the difference between gold futures and micro gold futures?
Size. The standard COMEX gold contract (GC) covers 100 troy ounces, Micro Gold (MGC) 10 troy ounces, and 1-Ounce Gold (1OZ) one troy ounce. A $1 move in gold is worth $100 on GC, $10 on MGC and $1 on 1OZ. GC and MGC are physically deliverable; 1OZ is cash-settled against the 100-ounce contract.
What is the tick value of MGC?
Micro Gold’s minimum price move is $0.10 per troy ounce, which on a 10-ounce contract is $1.00 per tick. The standard GC contract has the same $0.10 tick, worth $10.00. The 1-Ounce Gold contract moves in $0.25 steps, worth $0.25 per contract.
How much does a gold futures contract move in a day?
Over the year to 29 October 2026, gold futures’ median daily high-low range was $95.5 an ounce. That is $9,550 on one GC contract, $955 on MGC and $95.50 on 1OZ. On the busiest 10% of days the range was $183 or more an ounce: $18,300, $1,830 and $183 respectively.
Which gold futures contract is best for a small account?
The smallest, in risk terms. With a typical daily range of about $95 an ounce, even one MGC contract moved about $955 a day over the past year, which is a large share of a small account. 1OZ moved about $95. Whether futures suit you at all depends on your account, your broker’s margin and your risk rules; we do not recommend any contract.
How does futures margin work?
The exchange sets an initial margin to open a position and a maintenance margin to keep it open, and gains and losses are settled in cash every day. If losses take the account below maintenance, you must add funds or the position can be closed. Margins change with volatility, so check CME’s current tables and your broker’s requirements rather than relying on a fixed number.
Is GC the same as XAUUSD?
No. GC is a futures contract for a delivery month, quoted on COMEX, and it trades above spot XAUUSD by the cost of carry. All three futures sizes follow the same futures price; spot XAUUSD on a trading platform is a different instrument. Our spot vs futures guide explains the gap.