Introduction
Before trading gold futures, it’s essential to understand the contract specifications—such as the symbol, size, tick value, and margin requirements. These specs determine how much gold you’re trading, how much each price movement is worth, and how your potential profits or losses are calculated.
What Are Gold Futures Contract Specs?
Gold futures contracts are standardized agreements traded on the COMEX, part of the CME Group. Every gold futures trade follows the same rules for size, pricing, and expiry, ensuring transparency and efficiency.
Here are the key specifications every beginner should know.
Gold Futures Contract Summary (GC on COMEX)
| Specification | Value |
|---|---|
| Symbol | GC (Gold Futures) |
| Exchange | COMEX (CME Group) |
| Contract Size | 100 troy ounces of gold |
| Minimum Tick Size | $0.10 per ounce |
| Tick Value | $10 per contract |
| Trading Hours | Nearly 23 hours/day (Sunday–Friday) |
| Months Traded | February, April, June, August, October, December |
| Settlement Type | Physical delivery |
1. Contract Size: 100 Troy Ounces
Each standard gold futures contract controls 100 troy ounces of gold. So, if gold is trading at $3,300 per ounce, one contract represents $330,000 worth of gold.
If that seems too large, some brokers also offer micro or mini gold contracts (e.g., 10 oz or 1 oz contracts), ideal for beginners.
2. Tick Size and Tick Value
- Tick size: the smallest price movement = $0.10 per oz
- Tick value: $0.10 × 100 oz = $10 per tick
Example:
If gold moves from $3,320.0 to $3,321.0, that’s 10 ticks = $100 movement.
Each tick can either gain or lose you $10 depending on your trade direction.
3. Contract Symbol and Expiration Codes
The most common gold futures symbol is GC. The full contract code includes:
- GC = Gold
- Month code = e.g., Z for December, J for April
- Year = last two digits
Example: GCZ25 = Gold futures for December 2025
Popular delivery months are:
February (G), April (J), June (M), August (Q), October (V), December (Z)
4. Margin Requirements
To trade one GC contract, you don’t need to pay the full $330,000. Instead, you post margin (a good-faith deposit):
- Initial margin (as of 2025): ~$16,500 (varies by broker)
- Maintenance margin: slightly lower, e.g., ~$15,000
Margins are set by the CME and adjusted periodically based on volatility.
5. Settlement and Delivery
Gold futures are physically deliverable, which means if you hold the contract through expiration, you may be required to accept delivery of 100 oz of gold in a registered depository.
However, most retail traders close or roll over their position before the contract expires to avoid delivery.
6. Trading Hours
Gold futures are traded almost 24 hours a day, from Sunday evening to Friday evening (U.S. time), with a 60-minute break daily. This gives traders flexibility to act on global news and events.
Why Contract Specs Matter
Understanding specs is essential to:
- Calculate potential gains/losses per tick
- Determine how much capital you need to trade
- Choose the right contract month
- Avoid surprises at expiration
Traders who misunderstand tick value or margin often take unintended risk. Know your numbers before entering any gold futures position.
📌 FAQs
1. What is the gold futures contract symbol?
The symbol is GC on the COMEX exchange.
2. How much gold does one contract represent?
Each standard contract represents 100 troy ounces of gold.
3. What is the tick size and tick value?
Tick size = $0.10/oz. Tick value = $10 per contract.
4. Can I trade smaller contracts than 100 oz?
Yes, many brokers offer micro gold futures with 10 oz or 1 oz sizes.
5. Do I have to take delivery of gold?
No. Most traders close or roll over their position before delivery is due.
