Micro gold futures in gold trading
Micro gold futures (MGC) are COMEX contracts for 10 troy ounces, a tenth of the 100-ounce GC, so each $1 move is worth $10; a 1-ounce 1OZ contract also exists.
Also called MGC, 1OZ futures, E-micro gold, Micro gold contract
Micro gold futures are smaller versions of the standard COMEX gold contract. The micro contract (symbol MGC) covers 10 troy ounces, one tenth of the 100-ounce GC contract. CME also lists a 1-ounce gold futures contract (symbol 1OZ). All trade on the same nearly 24-hour schedule as GC.
How it applies to gold trading
Size is the main reason to use micros. On GC, a $1 move is $100 per contract and the minimum tick of $0.10 is worth $10. On MGC, a $1 move is $10 and a tick is $1. That lets smaller accounts trade exchange-listed gold with sensible risk, scale in and out in finer steps and test strategies on live futures without large exposure.
Micros carry the same features as GC: expiry months, rolls, exchange margin and central clearing, with no swap. Liquidity is lower than GC, so spreads can be a tick wider at times. Check the contract specifications on the exchange for the 1OZ contract’s tick size and settlement terms.
Worked example
Example (hypothetical numbers): with a $10 stop and $200 risk, a GC trader can trade only 0.2 contracts, which is impossible. On MGC each contract risks $10 × 10 = $100, so 2 contracts fit the plan exactly.
A common mistake
Assuming micro means low risk. Ten micros equal one GC contract.
See also: GC futures, COMEX, Contract size, Maintenance margin.
Frequently asked questions
How big is a micro gold futures contract?
MGC is 10 troy ounces, a tenth of the 100-ounce GC contract, so a $1 move is worth $10 per contract.
Is MGC good for small accounts?
It allows much smaller position sizes than GC, which makes risk control easier on small accounts, but leverage still applies.
What is the 1OZ gold futures contract?
A CME contract for one troy ounce of gold, smaller still than MGC. Check the exchange specification for its tick size and settlement.