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Home / Gold Futures / MGC vs GC

10 OUNCES VS 100 OUNCES / POSITION SIZING

Micro Gold Futures vs Gold Futures

Compare MGC and GC by ounce exposure, tick value, contract-level P/L, commissions and their distinct warrant and ACE delivery operations.

MGC VS GC

Micro Gold is one tenth of GC exposure, not a different gold-price thesis

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

One MGC contract represents 10 troy ounces; one GC contract represents 100. Both quote dollars per troy ounce and use a $0.10-per-ounce minimum tick. That makes the minimum tick worth $1 in MGC and $10 in GC. Ten MGC contracts approximate the ounce exposure of one GC contract, but margin, liquidity, spread, fees and delivery operations must still be compared.

SIDE-BY-SIDE

Contract size changes precision and dollar risk

DimensionMGCGC
Trading unit10 troy ounces100 troy ounces
Minimum quote tick$0.10 per ounce$0.10 per ounce
Tick value$1 per contract$10 per contract
Value of a $25/oz move$250 per contract$2,500 per contract
Physical mechanismACE representing 10% ownership in a 100-oz warrantWarrant for eligible exchange gold
Main advantageFiner position sizingFewer contracts for large exposure

ACE DELIVERY

MGC delivery does not mean receiving a 10-ounce retail bar

Chapter 120 states that delivery uses an Accumulated Certificate of Exchange, or ACE. One ACE represents a 10% interest in a 100-troy-ounce gold bar held in warrant form. Ten ACEs can be accumulated and redeemed for one warrant meeting Chapter 113 specifications. Storage charges are invoiced to the clearing member that owns the ACEs.

The operational conclusion is important: the contract unit is 10 ounces, but the exchange mechanism is linked to the 100-ounce warrant system. A customer must understand clearing-member and broker procedures rather than assuming parcel delivery of a small bar.

CHOICE RULE

Choose the smallest contract that meets the exposure objective efficiently

MGC can fitWhen precise sizing and smaller dollar movement per contract matter.
GC can fitWhen exposure is large enough that many MGC contracts add avoidable commissions or execution complexity.
1OZ can fitWhen a one-ounce financial contract and its distinct liquidity and expiry are deliberately chosen.
No futures can fitWhen leverage, daily cash calls or expiry management conflict with the investor's objective.

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

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FREQUENTLY ASKED QUESTIONS

Micro Gold versus GC questions

How large is a Micro Gold futures contract?

MGC represents 10 troy ounces, one tenth of the 100-ounce GC contract.

What is the MGC tick value?

The official minimum fluctuation is $0.10 per ounce. Across 10 ounces, that is $1 per contract.

Is MGC cash settled?

No. COMEX Chapter 120 provides a physical-delivery mechanism through ACEs. Ten ACEs can be accumulated and redeemed for a warrant meeting the GC specifications.

Is Micro Gold automatically safer than GC?

It has one tenth of the dollar exposure per contract, but it still uses leverage, daily mark-to-market, expiring contracts and broker margin. Risk depends on position count, price path and available capital.