MGC Contract Specifications
- Symbol: MGC, traded on COMEX.
- Contract size: 10 troy ounces of gold.
- Quote: US dollars per troy ounce.
- Minimum tick: $0.10 per ounce, worth $1.00 per contract.
- Hours: nearly 24 hours on weekdays, matching the metals trading session.
- Contract months: listed months mirror the standard gold cycle, with the nearby active months carrying most volume.
- Settlement: deliverable, like standard gold, though nearly all positions close before delivery.
MGC Versus GC Side by Side
The two contracts price off the same gold market. GC is 100 ounces with a $10 tick; MGC is 10 ounces with a $1 tick. A $25 move in gold is $2,500 on one GC and $250 on one MGC. Margin scales the same way — the micro requirement runs around one-tenth of the standard, though both change with volatility.
For sizing, MGC lets you build exposure in 10-ounce steps. Three MGC contracts is 30 ounces — a granularity standard gold cannot offer. Like all futures, MGC positions in a given month expire, so longer-term holders roll to the next active month rather than sitting into delivery.
Practical Notes for Trading MGC
MGC follows the gold price closely and has developed solid volume, but the deepest liquidity still lives in GC. Use the active contract month, and be aware that commissions take a proportionally bigger bite out of a small contract — another reason to trade it patiently rather than constantly.
The micro size lowers the stakes, not the risk. Futures trading involves substantial risk of loss and is not suitable for all investors. For current MGC margin and spec details, check the contract specifications page or call a broker.
Contract month mechanics work the same as standard gold. Trade the active month — usually the one with the most open interest — and roll before liquidity drains into the next month if you plan to hold. Your platform shows open interest by month, and a broker can tell you which month the desk is quoting actively. Note also the daily settlement: gains and losses are credited or debited every day, win or lose. That daily mark-to-market is how futures stay honest, and it surprises people coming from stocks.