GC vs MGC: Understanding Gold Futures Contract Symbols
GC is the ticker symbol for the standard gold futures contract on COMEX, representing 100 troy ounces of gold. MGC is the micro gold futures contract, representing 10 troy ounces, one-tenth the size of GC. Both track the same gold price and trade on the same exchange, but they serve different account sizes and position sizing needs.
Understanding the difference between GC and MGC matters before you place your first gold futures trade.
GC: Standard Gold Futures Contract
The GC contract is the benchmark gold futures product on CME Group's COMEX exchange.
Key specifications:
- Contract size: 100 troy ounces
- Price quoted: US dollars per troy ounce
- Minimum tick: $0.10 per ounce = $10 per contract
- Settlement: Physical delivery or cash settlement (most traders offset before delivery)
- Trading code: GC
At a gold price of $2,800 per ounce, one GC contract controls $280,000 worth of gold. The notional value is large, which means even small percentage moves translate into significant dollar gains or losses.
Initial margin for a GC contract typically runs $5,000–$10,000 depending on broker and current volatility. This is the capital tied up while the position is open (not the full contract value).
GC is the most liquid gold futures contract in the world. Tight bid-ask spreads, high daily volume, and continuous trading make it the standard for institutional and experienced retail traders.
MGC: Micro Gold Futures Contract
The MGC contract is a micro-sized version of GC, introduced to make gold futures trading accessible to smaller accounts.
Key specifications:
- Contract size: 10 troy ounces (1/10 of GC)
- Price quoted: US dollars per troy ounce (same price as GC)
- Minimum tick: $0.10 per ounce = $1 per contract
- Settlement: Cash settlement
- Trading code: MGC
At a gold price of $2,800 per ounce, one MGC contract controls $28,000 worth of gold. A $10 move per ounce equals $100 on an MGC contract, compared to $1,000 on a GC contract.
Initial margin for MGC is roughly one-tenth of GC, typically $500–$1,000 depending on current requirements. This makes MGC viable for accounts in the $1,000–$5,000 range.
Side-by-Side Comparison
| Feature | GC (Standard) | MGC (Micro) |
|---|---|---|
| Contract size | 100 troy oz | 10 troy oz |
| Value at $2,800/oz | $280,000 | $28,000 |
| Min tick value | $10 | $1 |
| Typical initial margin | $5,000–$10,000 | $500–$1,000 |
| Liquidity | Very high | High |
| Best for | Larger accounts | Smaller accounts, precise sizing |
How Tradematic Chooses Between GC and MGC
Tradematic's Gold Breakout strategy automatically selects between GC and MGC contracts based on two factors: account size and the fixed dollar stop loss the user sets.
The system sizes the position to stay within your defined maximum dollar risk per trade. For smaller accounts or tighter stop losses, the system will select MGC contracts because the smaller tick value allows more precise risk sizing. For larger accounts with wider stops, GC may be appropriate.
This automation removes a decision point that many new futures traders find confusing: figuring out which contract to use and how many to buy based on their risk parameters. The platform handles it.
Which Contract Is Right for You?
Use GC if:
- Your account has $10,000 or more allocated to futures trading
- You want maximum liquidity and tightest spreads
- You are comfortable with $10 per tick moves
Use MGC if:
- Your account has $1,000–$9,999 in the futures allocation
- You want finer-grained position sizing (useful for managing risk tightly)
- You are learning gold futures and want smaller dollar exposure per move
Many traders start with MGC to learn gold futures mechanics without the larger position exposure, then transition to GC as their account grows and their strategy is proven.
For precise risk management without manual contract selection, Start your 7-day free trial to see how Tradematic handles this automatically.
Frequently Asked Questions
Do GC and MGC track the same price? Yes. Both GC and MGC are priced in US dollars per troy ounce and track the same gold market price. The only difference is the contract size and resulting dollar impact per price move.
Can I trade both GC and MGC in the same account? Yes, if your broker supports both. Most futures-enabled platforms including Tradovate allow trading both contract types in the same account.
Is MGC less liquid than GC? MGC has grown substantially in volume since its launch. It is highly liquid during the New York session, though spreads can be slightly wider than GC during off-hours.
Can I convert an MGC position to GC? Not directly. You would need to close the MGC position and open a new GC position separately. Some traders hold a multiple of 10 MGC contracts to approximate one GC contract in size.
What does the full futures ticker symbol look like? The full symbol includes the contract month and year. For example, GCZ26 would be the December 2026 standard gold futures contract. Your broker's platform will display the available contract months for you to select.
Trading involves risk and losses can occur. Past performance does not guarantee future results. Futures trading involves significant risk of loss and is not suitable for all investors. Leverage can amplify both gains and losses. Only allocate capital you are comfortable risking.
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