Gold (GC)

What GC tracks

GC is the COMEX Gold futures contract, the main US gold benchmark. One contract covers 100 troy ounces, and prices are quoted in dollars and cents per ounce.

GC is physically delivered, so positions that stay open past the last trading day lead to delivery of gold held in exchange-approved depositories. Most traders trade the most active month and roll before the delivery period. Many months are listed, but trading activity tends to concentrate in a few of them.

GC contract specifications

Specifications come from CME Group: CME Gold futures fact card, CME Metals product guide. CME can change trading hours, listed months and other terms, and holiday schedules differ, so confirm the details on CME Group's site before you trade.

What moves GC

Several forces tend to drive GC prices. None of them predicts direction on its own, and they often pull in different ways at the same time.

• Real interest rates. Gold pays no interest, so it often weakens when inflation-adjusted yields rise and strengthens when they fall.
• The US dollar. Gold is priced in dollars. A stronger dollar tends to weigh on gold, and a weaker dollar tends to support it.
• Risk and uncertainty. Investors often buy gold during financial stress or geopolitical tension.
• Central bank and investment demand. Buying by central banks and flows into or out of gold funds affect the balance of supply and demand.

Example P&L math

Say GC rises by $20 per ounce while you hold one long contract. That is 200 ticks of $10:

• 200 ticks × $10 = $2,000 per contract.
• A short position would lose the same $2,000. Losses and gains are symmetric before costs.
• On the micro contract, Micro Gold (MGC), the same move is worth $200.

These figures exclude commissions, exchange fees and slippage. Those costs shrink a winning trade and add to a losing one.

To run your own numbers, use the tick value calculator and the position size calculator on our tools page.

Margin

CME Group sets minimum performance bonds (margins) for every contract, and each broker then sets its own requirement, which can be higher. Many brokers also offer lower day-trading margins for positions closed before the session ends. These figures change often, especially when markets get volatile, so we do not quote a number here. Check your broker's current margin page before you trade, and compare brokers on our futures brokers page. Remember that margin is not the most you can lose. Losses on a futures position can exceed the margin you deposit.

MGC vs GC

Both contracts follow the same market, so the chart looks the same. The difference is dollar size. MGC is one-tenth of GC, which means ten MGC contracts carry about the same exposure as one GC.

When MGC fits: smaller accounts, learning, testing a strategy with real fills, scaling in and out in small steps, and prop firm accounts with tight daily loss limits. When GC fits: larger accounts where the per-contract cost of trading matters, since one GC usually costs less in commissions and fees than ten MGC contracts. A larger contract also means each mistake costs ten times as much, so only step up when your stop sizes and account size support it.

Position sizing

A common approach is to decide how many dollars you are willing to lose on a trade, then work out how many contracts fit. For example, with $200 of planned risk and a $3 stop on GC, each contract risks $300, so even one contract exceeds that limit. You would need a tighter stop, a larger risk budget or a smaller contract.

This example ignores commissions, fees and slippage, which make real losses larger. Stops can also fill worse than planned in fast markets.

Expiry and rolling

GC is physically delivered. If you hold a position after the last trading day, you can end up making or taking delivery, which retail and prop firm accounts are not set up for. Brokers usually require you to close or roll before a cutoff they set, which can be earlier than the exchange's last trading day. Check the CME calendar for exact dates each month.

Related contracts

• Micro Gold (MGC)
• Silver (SI)
• Copper (HG)
• Euro FX (6E)

See every contract we cover on the futures contracts page.

Frequently asked questions

What is the tick value of GC?

One minimum tick on GC is $0.10 per troy ounce, worth $10 per contract. The point value is $100 per $1.00 move.

What are the trading hours for GC?

Sunday to Friday, 6:00 p.m. to 5:00 p.m. ET, with a 60-minute break starting at 5:00 p.m. ET (5:00 p.m. to 4:00 p.m. CT). Holiday hours differ, so check CME Group's holiday calendar.

Is GC cash-settled or physically delivered?

GC is physically delivered. The last trading day rule: third last business day of the delivery month.

How much margin do I need to trade GC?

Margins are set by CME and then by each broker, and they change with market conditions. Check your broker's current margin page, and see our futures brokers comparison.

Which GC month should I trade?

Activity tends to concentrate in one or two months at a time. Many platforms show the most active month by volume, and traders usually roll to the next active month before the delivery period starts.