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COMEX CONTRACTS / MARGIN / EXPIRY / DELIVERY

Gold Futures

Compare GC, Micro Gold and 1-Ounce Gold contracts without confusing notional exposure, margin collateral, physical delivery and financial settlement.

THE SHORT ANSWER

A gold futures position is a dated leveraged contract, not a small bar purchase

By / Published August 2, 2026 / Reviewed August 2, 2026

Start with the contract code, not the word gold. GC controls 100 troy ounces, MGC controls 10, and 1OZ controls one. The position is marked to market against the full exposure while only a margin performance bond is posted. GC and MGC have physical-delivery mechanisms; 1OZ is financially settled. Expiry, broker margin and settlement instructions can therefore change the result even when the gold-price view is correct.

Editorial process scene following a gold futures position from contract selection through margin and daily settlement to close, roll or expiry.
A futures position controls notional exposure while margin is only collateral. Daily cash settlement and the expiry clock can force action before a longer-term gold view is resolved. Original GoldObserve editorial illustration.

POSITION LIFECYCLE

Follow the contract from exposure through margin to expiry

The lifecycle keeps notional exposure, collateral and daily cash settlement separate. It also makes the pre-expiry decision visible before the contract's delivery or financial-settlement rules become operational.

Gold futures lifecycle showing contract selection, notional exposure, margin collateral, daily mark-to-market cash movements, and the pre-expiry choice to close, roll or follow the exact delivery or financial-settlement rules.
Notional exposure, margin collateral and daily settlement cash are different values. A trader must manage margin and the contract clock before expiry; current exchange notices and broker deadlines control.Swipe the diagram horizontally to read every label.Open full-size SVG

CONTRACT MAP

Three contract sizes solve different exposure problems

ContractOfficial unit and tickSettlement boundary
GC Gold100 oz; $0.10/oz tick = $10 per contractPhysical delivery under Chapter 113
MGC Micro Gold10 oz; $0.10/oz tick = $1 per contractPhysical delivery through ACEs under Chapter 120
1OZ Gold1 oz; $0.25/oz tick = $0.25 per contractFinancial settlement linked to GC settlement

A smaller contract reduces dollars gained or lost for the same per-ounce move. It does not make futures inherently safe: leverage, gaps, margin changes, liquidity, commissions and operational deadlines remain.

LIFECYCLE

Every position moves through five control points

01Select an exact month

Record the code, month, year, contract size and settlement type.

02Post broker margin

Margin is a performance bond, not the purchase price of the referenced gold.

03Mark to market

Daily and intraday price changes can debit or credit account equity.

04Choose before expiry

Offset, roll or follow settlement instructions before broker deadlines.

05Reconcile cash and fees

Record variation margin, commissions, spread, slippage and settlement costs.

RISK BUDGET

Size the position from the adverse price move, not from available margin

One GC contract gains or loses $100 for every $1 move in the quoted gold price. MGC changes by $10 and 1OZ by $1. A $40 adverse move therefore produces a $4,000 GC loss, a $400 MGC loss or a $40 1OZ loss before costs. Comparing required margin alone hides the economic exposure.

Use the calculator to translate an explicit adverse scenario into dollars. Then preserve liquidity beyond maintenance margin, because brokers can set house requirements above exchange minimums, raise them, demand variation margin or liquidate under their agreement.

DECISION GATE

Use futures only when all seven questions have written answers

01Which exact contract and month will be traded?

02What is the full notional exposure and dollar value of a $1 move?

03What initial, maintenance and house margin applies now?

04What loss occurs under the planned adverse-price scenario?

05What are the broker's liquidation and position-close deadlines?

06Will the position be offset, rolled, physically delivered or financially settled?

07Which commissions, exchange fees, spread, slippage and tax treatment apply?

PRIMARY SOURCES & REVIEW BOUNDARY

Contract rules come before marketing summaries

Sources were reviewed August 2, 2026. GoldObserve does not reproduce licensed futures quotes, margin schedules, fee tables or exchange calendars. Verify the current rulebook, exchange notices and your futures commission merchant before using any contract.

GOLD FUTURES RESEARCH PATH

Continue with the next distinct decision

WORKING TOOLGold futures contract calculatorExposure, ticks, P/L, margin buffer and stressBASIS TOOLGold futures basis calculatorCompare spot, futures, expiry and entered carry contextCARRY TOOLGold futures carry decompositionReconcile observed basis with entered costs and assumptionsROLL TOOLGold futures roll cost calculatorCompare expiring and next contract quotes and execution costsSPECIFICATIONSCOMEX gold futures contract specsRead GC size, tick and deliverable-grade rulesCONTRACT SIZEMicro Gold vs Gold futuresCompare MGC and GC exposure and delivery mechanicsSMALLEST CONTRACT1-Ounce Gold futuresUnderstand 1OZ financial settlement and expiryRISKGold futures margin and leveragePerformance bonds, variation margin and liquidationSETTLEMENTGold futures deliveryWarrants, ACEs, approved bars and financial settlementPOSITION MANAGEMENTGold futures expiration and rolloverOffset, roll and calendar-control workflowOPTION RIGHTSGold optionsCalls, puts, premium, exercise, assignment and nonlinear payoffBASISSpot gold vs futuresCompare same-time prices without treating futures as forecastsPOSITIONINGGold COT reportOfficial weekly positions and open interest

FREQUENTLY ASKED QUESTIONS

Gold futures questions

How much gold is in one COMEX gold futures contract?

GC represents 100 troy ounces, MGC represents 10 troy ounces and 1OZ represents one troy ounce. The settlement method is not the same across all three contracts.

Do I pay the full value of gold when trading futures?

No. A futures trader posts margin as a performance bond, but profit and loss are calculated on the full contract exposure and marked to market. Losses can exceed the initial deposit.

Will a gold futures contract deliver a bar to my home?

Do not assume that. GC and MGC use exchange clearing, approved depositories, warrants or ACEs and detailed delivery rules. 1OZ is financially settled. Retail brokerage eligibility and procedures also matter.

Are gold futures suitable as a permanent gold holding?

A futures contract expires. Maintaining exposure requires closing, settling or rolling the position, each with timing, spread, commission, margin and operational consequences.