You are setting a stop on an MGC trade and need to convert the chart distance into dollars before sending the order. Gold might move only a few dollars per ounce, but your actual profit or loss depends on the futures contract multiplier. The Micro Gold futures tick value is $1 per contract.
Micro Gold futures provide exposure to gold price movements through a smaller contract than standard Gold futures. Each MGC contract represents 10 troy ounces of gold, which gives traders more granular control over position size without changing the underlying gold price quotation.
This guide explains the Micro Gold futures tick value, contract size, price movement, margin, physical settlement, expiration, options, position sizing, and the calculations needed to define risk before trading MGC.
What Is the Micro Gold Futures Tick Value?
The Micro Gold futures tick value is $1.00 per contract. One MGC contract represents 10 troy ounces of gold, and the minimum price movement is $0.10 per troy ounce.
The tick value comes from multiplying the minimum price increment by the contract size. A $0.10 move across 10 ounces produces a $1 change in contract value.
| MGC specification | Value |
| Product symbol | MGC |
| Contract size | 10 troy ounces |
| Minimum price movement | $0.10 per troy ounce |
| Dollar value per tick | $1 |
| Ticks in a $1 move | 10 |
| Value of a $1 gold move | $10 |
| Size relative to GC | 1/10 |
CME Group lists Micro Gold at 10 troy ounces, one-tenth of COMEX Gold futures, with a $0.10 minimum price fluctuation. (Sources: CME Group, 2026)
The $1 value applies to each contract. A position of five MGC contracts changes by $5 for every minimum tick.
How Is the $1 MGC Tick Value Calculated?
The $1 MGC tick value is calculated by multiplying the $0.10 minimum price increment by the 10-troy-ounce contract size. The calculation uses the price movement per ounce because gold futures are quoted in U.S. dollars and cents per troy ounce.
$0.10 × 10 troy ounces = $1.00 per tick
| Price movement | Number of ticks | P&L on 1 MGC |
| $0.10 | 1 | $1 |
| $0.50 | 5 | $5 |
| $1.00 | 10 | $10 |
| $2.50 | 25 | $25 |
| $5.00 | 50 | $50 |
The same formula works for larger moves. A $7.30 change in the gold futures price equals 73 ticks, which produces a $73 change in one MGC contract before commissions and fees.
Contract quantity multiplies the result. Three MGC contracts moving 73 ticks produce a $219 change in position value.
What Are the Main Micro Gold Futures Contract Specifications?
The main Micro Gold futures contract specifications are a 10-troy-ounce contract size, a $0.10 minimum price fluctuation, physical settlement, and February, April, June, August, October, and December delivery months. Contract specifications define how the futures product is quoted, traded, settled, and expired.
These details affect everything from stop calculations to contract rollover.
| Contract specification | MGC |
| Exchange | COMEX |
| Product code | MGC |
| Contract size | 10 troy ounces |
| Price quotation | U.S. dollars and cents per troy ounce |
| Minimum fluctuation | $0.10 per troy ounce |
| Tick value | $1 per contract |
| Core delivery months | February, April, June, August, October, December |
| Termination of trading | Third-last business day of delivery month |
| Settlement | Physical |
| Minimum gold fineness | 995 |
CME’s metals product guide lists MGC at 10 troy ounces, with 995 minimum fineness and a $0.10 minimum fluctuation. (Sources: CME Group Metals Product Guide)
MGC Contract Size and Price Quote
The MGC contract size is 10 troy ounces, while its market price is quoted in U.S. dollars and cents for one troy ounce.
If MGC trades at $4,200 per ounce, one contract has approximately $42,000 of notional value. Notional value means the total market exposure represented by the contract.
$4,200 × 10 ounces = $42,000 notional value
The trader does not pay the entire notional amount to open a futures position. Futures use margin, which is a performance bond required to support the trade.
Minimum Price Movement and Dollar Value
The minimum MGC price movement is $0.10 per troy ounce, which creates a $1 change in one 10-ounce contract.
A move from 4,200.00 to 4,200.10 is one tick. A move from 4,200.00 to 4,201.00 contains ten ticks and changes one contract by $10.
This fixed relationship makes MGC risk calculations straightforward. The trader can convert a stop measured in dollars per ounce directly into account risk.
How Much Is a $1 Move in the Gold Futures Price Worth on MGC?
A $1 move in the gold futures price is worth $10 per MGC contract. Each contract represents 10 ounces, so a one-dollar change per ounce produces a ten-dollar change in the total contract value.
| MGC position | Value of a $1 gold move |
| 1 contract | $10 |
| 2 contracts | $20 |
| 3 contracts | $30 |
| 5 contracts | $50 |
| 10 contracts | $100 |
A trader long one MGC contract from $4,200.00 has a $10 gain if the market rises to $4,201.00. A move to $4,195.00 produces a $50 loss before fees.
The same math applies to a short position in reverse. A short MGC position gains when the gold futures price falls and loses when it rises.
How Do Micro Gold Futures Compare With Standard Gold Futures?
Micro Gold futures are one-tenth the size of standard Gold futures, which reduces both the contract exposure and dollar value of each tick by 90% per contract. MGC and GC reference the same gold market, but their contract multipliers create very different dollar exposure.
Standard GC represents 100 troy ounces, while MGC represents 10.
| Specification | MGC | GC |
| Contract size | 10 troy ounces | 100 troy ounces |
| Minimum price increment | $0.10 | $0.10 |
| Tick value | $1 | $10 |
| Value of $1 move | $10 | $100 |
| Relative size | 1/10 | Standard |
CME identifies GC as a 100-troy-ounce futures contract with a $10 minimum tick value and MGC as a 10-troy-ounce contract with a $1 minimum tick value. (Sources: CME Group Gold Product Overview)
MGC vs Standard Gold Futures Contract Size
MGC represents 10 troy ounces, while the standard Gold futures contract represents 100 troy ounces.
Ten Micro Gold futures contracts therefore equal the underlying ounce exposure of one GC contract.
| Position | Gold exposure |
| 1 MGC | 10 ounces |
| 3 MGC | 30 ounces |
| 5 MGC | 50 ounces |
| 10 MGC | 100 ounces |
| 1 GC | 100 ounces |
The smaller contract size allows a trader to adjust exposure in 10-ounce increments. A standard GC trader has a much larger minimum position step.
Tick Value and Dollar Exposure
MGC has a $1 tick value, while one standard Gold futures contract has a $10 tick value.
The difference becomes more significant as the market moves farther. A $20 gold move changes one MGC by $200 and one GC by $2,000.
Smaller tick value does not mean lower gold-market volatility. It means each contract converts that volatility into a smaller dollar amount.
How Does MGC Contract Size Affect Profit and Loss?
The MGC contract size makes profit and loss change by $10 for every $1 movement in gold per contract. A smaller contract creates smaller P&L swings than GC when the number of contracts remains equal.
Adding MGC contracts increases exposure proportionally.
| Gold price change | 1 MGC | 3 MGC | 5 MGC |
| $1 | $10 | $30 | $50 |
| $3 | $30 | $90 | $150 |
| $5 | $50 | $150 | $250 |
| $10 | $100 | $300 | $500 |
| $25 | $250 | $750 | $1,250 |
Direction determines whether the result is a profit or loss. A long position gains from a rising gold price, while a short position gains from a falling price.
The smaller contract also makes partial scaling more practical. A trader holding four MGC contracts can close one contract and reduce exposure by 25% without exiting the entire position.
How Can a Trader Use Micro Gold Futures for Position Sizing?
A trader can use Micro Gold futures to match contract quantity more precisely to the dollar risk created by a technical stop. Position sizing starts with the amount the trader is willing to risk and the distance between entry and stop.
MGC then lets the trader adjust exposure in $10-per-point increments per contract.
| Stop distance | Risk per MGC | 2 MGC | 4 MGC |
| $2 | $20 | $40 | $80 |
| $5 | $50 | $100 | $200 |
| $7.50 | $75 | $150 | $300 |
| $10 | $100 | $200 | $400 |
| $15 | $150 | $300 | $600 |
Use this formula:
Position risk = stop distance × $10 × number of MGC contracts
A $6 stop with three contracts creates $180 of planned price risk. Commissions and slippage should be added separately.
Smaller sizing increments can help traders with smaller accounts keep risk closer to a fixed dollar limit. They also allow larger traders to fine-tune a hedge without adding another 100-ounce GC contract.
What Margin Requirement Applies to Micro Gold Futures?
The Micro Gold futures margin requirement is a performance bond that changes over time, so traders should check the current CME and broker requirement before opening a position. Margin is the capital required to support a leveraged futures position and is much smaller than the full notional value of the gold represented by the contract.
As of July 7, 2026, CME’s Gold product page estimated MGC notional value at $41,690 and margin at $2,040. The same page estimated standard GC at $419,900 notional value and $20,394 margin. (Sources: CME Group, 2026)
| Margin concept | What it means |
| Initial margin | Required to initiate or carry the position |
| Maintenance margin | Minimum account equity needed to maintain it |
| Intraday margin | Broker-defined requirement for eligible day trading |
| Notional value | Full market exposure represented by the contract |
| Margin call | Requirement to restore equity after falling below the applicable level |
A broker can impose a higher requirement than the exchange. Some brokers also offer lower intraday margin but require full exchange-level margin when the position is held beyond a defined session cutoff.
Margin is not the maximum possible loss. A leveraged futures position can lose more than the amount initially posted as margin.
Why Can MGC Margin Requirements Change?
MGC margin requirements can change because CME adjusts performance bonds as market volatility, liquidity, event risk, and broader market conditions change. CME Clearing uses historical and forward-looking volatility, liquidity, seasonality, correlations, and event risk when calibrating futures and options margins.
Its methodology is designed to cover at least 99% of anticipated price changes over the applicable liquidation period. (Sources: CME Group Futures and Options Margin Model)
| Margin driver | Why it can affect MGC |
| Higher gold volatility | Increases expected liquidation risk |
| Major economic event | Can increase expected price movement |
| Geopolitical stress | Can change gold-market volatility rapidly |
| Lower liquidity | Can make positions harder to exit |
| Broker risk policy | Can add requirements above exchange margin |
| Overnight holding | Can trigger a higher broker requirement |
A trader should therefore treat a quoted margin amount as a current requirement rather than a permanent contract specification.
The margin requirement should also remain separate from the trade-risk calculation. A broker might allow the position to open with a given margin amount even when the planned stop creates more dollar risk than the trader intends to accept.
How Do Contract Specifications Affect Micro Gold Futures Trading Strategies?
Contract specifications affect Micro Gold futures trading strategies because tick value, contract size, trading hours, expiration, and settlement determine how strategy signals translate into actual orders and dollar exposure. A strategy designed around price action still needs instrument-specific execution rules.
The same $5 stop has a different dollar effect on MGC, GC, and another futures product.
| Strategy input | MGC implication |
| Stop distance | Multiply by $10 per contract |
| Profit target | Convert price distance into ticks or dollars |
| Contract quantity | Changes exposure in 10-ounce increments |
| Holding period | Must account for expiration |
| Overnight trading | Must account for Globex schedule |
| Automation | Must use correct contract month |
| Backtesting | Requires appropriate rollover data |
For automated or multi-session futures strategies, a futures VPS keeps the trading platform and local strategy logic on a remote Windows server rather than the trader’s home computer.
An automated strategy should also define how it handles rollover. The symbol used for a backtest or live trade must point to the intended MGC contract month.
For CME-focused trading software that requires an exchange-oriented hosting location, the CME Aurora VPS is the relevant TradingFXVPS service page.
Is the Micro Gold Futures Contract Physically Settled?
Yes, the Micro Gold futures contract is physically settled, but delivery uses an Accumulated Certificate of Exchange rather than delivery of an individual 10-ounce gold bar. An Accumulated Certificate of Exchange, or ACE, represents a 10% ownership interest in a standard 100-ounce COMEX gold warrant.
Ten ACEs can be accumulated and converted under the exchange process.
| Settlement feature | MGC treatment |
| Settlement type | Physical |
| Contract exposure | 10 troy ounces |
| Minimum fineness | 995 |
| Delivery medium | ACE |
| Individual 10-ounce bar delivered | No |
| ACE share of 100-ounce warrant | 10% |
CME explained at the MGC launch that delivery results in an ACE representing 10% ownership in a 100-ounce gold bar held through a COMEX gold warrant. It does not provide direct possession of a separate 10-ounce bar. (Sources: CME Group, 2010)
Most active futures traders avoid the delivery process by closing or rolling positions before the relevant expiration period.
Anyone intending to hold through delivery should confirm the current clearing-firm requirements well before expiration.
How Do MGC Contract Months and Expiration Work?
MGC contracts are listed for February, April, June, August, October, and December delivery months, and trading in the current delivery month terminates on the third-last business day of that month. Expiration matters because liquidity usually migrates from one futures contract to the next before the final trading date.
Traders therefore monitor both expiration and market activity when choosing when to roll.
| MGC lifecycle item | Rule |
| Core contract months | February, April, June, August, October, December |
| Listing relationship | Months corresponding with eligible 100-ounce Gold contracts |
| Final trading day | Third-last business day of delivery month |
| Position before expiration | Close, roll, or prepare for delivery |
| Automated strategy | Update or map to active contract |
COMEX Rule 120 states that no trades in Micro Gold futures deliverable in the current month may occur after the third-last business day of that month. (Sources: CME Group COMEX Rule 120)
A roll means closing the expiring contract and opening a later contract month. The two contracts can trade at different prices, so a roll is not simply a symbol change.
Strategies operating through overnight or Sunday Globex sessions should also account for the daily maintenance period. The CME overnight sessions guide explains how continuous platform access differs from continuous exchange availability.
How Do Micro Gold Futures Options Relate to the MGC Contract?
Micro Gold options derive their value from MGC futures and use the same 10-troy-ounce underlying contract size. An option gives the holder defined rights tied to the underlying futures contract.
Exercise of an eligible Micro Gold option results in a position in the related MGC futures contract rather than ownership of physical gold at the moment of option purchase.
| Micro Gold option feature | Relationship to MGC |
| Underlying futures | MGC |
| Underlying contract size | 10 troy ounces |
| Monthly option code | OMG |
| Weekly Monday codes | 1MG to 5MG |
| Weekly Wednesday codes | 1WG to 5WG |
| Weekly Friday codes | 1FG to 5FG |
| Exercise result | Position in Micro Gold futures |
CME states that Micro Gold options are based on Micro Gold futures, use the same 10-ounce contract size, and historically included monthly plus Monday, Wednesday, and Friday weekly listings. (Sources: CME Group Micro Gold Options FAQ)
CME announced an important change effective September 3, 2026: no additional monthly OMG contracts will be listed beyond the specified remaining months. Weekly Micro Gold option products remain separately listed. (Sources: CME Globex Notice, August 31, 2026)
Options introduce additional variables such as strike price, expiration, premium, and implied volatility. Their risk profile should not be evaluated only from the $1 MGC futures tick value.
What Should You Check Before You Trade Micro Gold Futures?
Before you trade Micro Gold futures, verify the active contract, $1 tick value, position size, margin requirement, stop risk, expiration date, trading costs, and market-data connection. The MGC symbol identifies the product, but each live trade also belongs to a specific expiration month.
Using the wrong month can place the trade in a less active contract or closer to expiration than intended.
Use this pre-trade checklist:
- Confirm the symbol and expiration month.
- Verify that one tick equals $1 per contract.
- Convert the stop distance into dollars.
- Confirm the number of contracts.
- Check current broker margin.
- Include commissions and exchange fees.
- Review contract expiration.
- Check economic events that can move gold.
- Verify the correct trading account.
- Confirm that market data is current.
The CME futures hosting guide explains how futures trading platforms, data feeds, CPU requirements, and Chicago-area routing fit together when MGC is traded through a remote server.
A pre-trade check should also confirm whether working stops and targets are held by the broker or depend on the local trading platform. That distinction matters when the platform disconnects.
Micro Gold Futures Tick Value: Contract Size, Price Movement, and Risk
The Micro Gold futures tick value is $1 per contract because MGC combines a $0.10 minimum price movement with a 10-troy-ounce contract size. The same contract math controls every basic MGC profit, loss, and position-risk calculation.
| Number to remember | MGC value |
| Contract size | 10 troy ounces |
| Minimum price movement | $0.10 |
| Tick value | $1 |
| Ticks per $1 move | 10 |
| Dollar value of $1 move | $10 |
| Contracts equal to 1 GC | 10 |
| Relative size vs. GC | 1/10 |
| Settlement | Physical |
The smaller contract gives traders more precise control over exposure than standard Gold futures. Ten MGC contracts still recreate the 100-ounce exposure of one GC contract.
Smaller futures contracts improve position-sizing precision, but the correct risk decision still starts with price distance, contract quantity, and available account capital.
Margin and tick value answer different questions. Tick value determines how price movement changes P&L, while margin determines how much capital is required to support the position.
Build Your Gold Futures Trading Plan Around Defined MGC Risk
Build the trading plan around MGC’s $1 tick value, $10 one-point value, 10-ounce contract multiplier, current margin, and the exact dollar risk between entry and stop. The trading setup should preserve these calculations from research through live execution.
Changing platforms, contract months, or server locations does not change the underlying MGC contract math.TradingFXVPS supports futures platforms such as NinjaTrader on Microsoft Hyper-V infrastructure with guaranteed resource allocation and a no-overselling policy.
The supported VPS service carries a 99.99% uptime SLA, while server choice should still follow the actual platform workload and exchange-facing route. For help matching an MGC futures platform and workload with the appropriate CME-focused hosting setup, contact our team.
Frequently Asked Questions About Micro Gold Futures Tick Value
How much is one tick worth on an MGC contract?
One tick is worth $1 on one MGC contract. A 15-tick move therefore produces a $15 change before trading costs.
Four contracts would change by $4 for each minimum tick.
How many troy ounces are in one Micro Gold futures contract?
One Micro Gold futures contract represents 10 troy ounces. That makes MGC one-tenth the size of the 100-ounce GC contract.
The futures price is still quoted per troy ounce.
What is the minimum price movement for MGC?
The minimum MGC price movement is $0.10 per troy ounce. Multiplying $0.10 by the 10-ounce contract size produces the $1 tick value.
A move from 4,200.00 to 4,200.10 is one tick.
How much is a one-point move worth in Micro Gold futures?
A one-point, or $1, move is worth $10 per MGC contract. One full point contains ten minimum ticks.
Three contracts therefore change by $30 for a one-point move.
What is the difference between MGC and standard Gold futures?
MGC represents 10 troy ounces, while standard GC represents 100 troy ounces. MGC has a $1 tick value compared with $10 for GC.
Ten MGC contracts equal the ounce exposure of one GC contract.
Do margin requirements for Micro Gold futures stay the same?
No, MGC margin requirements can change as CME and brokers respond to volatility, liquidity, and risk conditions. Traders should verify the current requirement before opening or carrying a position.
Margin should not be used as the maximum-loss amount. Trade risk should still be calculated from the entry, stop, and number of contracts.