Futures contract comparisons
GC vs MGC gold futures: contract size, ticks and delivery
Read the gold quote in dollars per ounce, then apply the contract multiplier to compare exposure and delivery terms.
Same price increment, different dollar value
GC represents 100 troy ounces of gold; MGC represents 10. Both quote prices in U.S. dollars per troy ounce and have a $0.10 outright tick. That tick is worth $10 per GC contract and $1 per MGC contract.
Multiply the quoted price change by the ounces in the contract and the number of contracts. A $1.00 move per ounce is ten ticks, not one tick.
| Contract detail | Gold (GC) | Micro Gold (MGC) |
|---|---|---|
| Contract unit | 100 troy ounces | 10 troy ounces |
| Outright minimum price change | $0.10 per ounce | $0.10 per ounce |
| Dollar value of one tick | $10 per contract | $1 per contract |
| Dollar effect of a $1.00/oz move | $100 per contract | $10 per contract |
Sources: COMEX Chapter 113: Gold contract unit, tick and delivery · COMEX Chapter 120: Micro Gold and ACE rules · CME: Gold and Micro Gold contract specifications
A $6.20 gold move: one GC versus micros
Suppose a long position opens at $4,000.00 per ounce and closes at $3,993.80. These are hypothetical fills, not a current gold quote or a trading recommendation. The adverse move is $6.20 per ounce, or 62 ticks; the table excludes commissions and other charges.
Ten MGC contracts have the same 100-ounce exposure as one GC. Switching to micros reduces the exposure only if you trade fewer than ten. Micros also allow a smaller reduction in position: closing one of three MGC removes 10 ounces and leaves 20.
| Position | Calculation | Loss before charges |
|---|---|---|
| 1 GC | $6.20 × 100 oz × 1 | $620 |
| 1 MGC | $6.20 × 10 oz × 1 | $62 |
| 3 MGC | $6.20 × 10 oz × 3 | $186 |
| 10 MGC | $6.20 × 10 oz × 10 | $620 |
Sources: COMEX Chapter 113: Gold contract unit, tick and delivery · COMEX Chapter 120: Micro Gold and ACE rules
Separate exposure from margin and trading costs
At the assumed $4,000 quote, one GC has $400,000 of notional exposure and one MGC has $40,000. Those amounts describe the underlying exposure; they are not the margin deposit, an account balance or a maximum loss.
Futures margin is money held with the broker to support the position, not a purchase down payment on gold. Requirements can change with market conditions, and a broker may require additional funds. Check the current requirement for the exact contract and account rather than using a fixed dollar figure from an old comparison.
CME states that Micro Gold's daily settlement price matches Gold's. That does not establish identical executable bids, asks or fills. Compare the same delivery month and the quantity available in each order book. Also compare the total fees for ten MGC contracts with one GC; equal ounces do not imply equal transaction costs.
Sources: CME: how futures margin works · CME: Micro Metals settlement and certificate conversion · Boxcar: supported contracts and current commissions
MGC delivery uses an ACE, not a 10-ounce bar
Both contracts are physically settled. For GC, the rulebook specifies eligible gold and delivery through the exchange's warrant system. MGC uses an Accumulated Certificate of Exchange (ACE): each ACE represents a 10% interest in a 100-troy-ounce gold bar held under a warrant.
Ten ACEs can be exchanged for a qualifying warrant through the clearing process. Conversion is requested through the broker, not automatic, and holding ACEs can involve storage charges. An open MGC futures position is not itself an ACE, and buying one contract does not mean a 10-ounce bar is shipped to you.
Chapter 120 restricts delivery quantities to multiples of ten MGC contracts except on the last intent day. Both GC and MGC stop trading on the third-last business day of the delivery month, while delivery can begin earlier in that month. Check the exact contract calendar and your provider's close-out deadline before entering a month near delivery.
Sources: COMEX Chapter 113: Gold contract unit, tick and delivery · COMEX Chapter 120: Micro Gold and ACE rules · CME: Micro Metals settlement and certificate conversion
Check the account's permissions separately
Boxcar's supported-products guide lists GC and MGC for evaluation and simulated-funded accounts and provides the current commission rates. Those stages use virtual funds; their orders do not enter live markets. Exchange delivery mechanics therefore do not mean a simulated Boxcar position can receive gold or an ACE.
Live access requires Boxcar's express designation and a separate written agreement. Confirm live permissions and costs under those terms rather than carrying simulated-account settings into a brokerage account.
Sources: Boxcar: supported contracts and current commissions · Boxcar: evaluation, simulated-funded and live stages