GC (Gold Futures)
The standard Gold futures contract on COMEX — 100 troy ounces per contract with $0.10 tick size and $10 per tick. The dominant gold trading vehicle for futures prop firms.
What is GC (Gold Futures)?
GC is the symbol for the standard Gold futures contract, traded on COMEX (Commodity Exchange, part of CME Group). Each contract represents 100 troy ounces of gold. At $2,400/oz, one GC contract represents $240,000 of notional exposure. The tick size is $0.10 per troy ounce, so each tick equals $10 in P&L.
GC is the dominant gold trading vehicle for futures prop firm traders. Daily volume routinely exceeds 200,000 contracts during active sessions. Gold’s volatility is materially higher than equity index futures — typical GC daily range is $15-$40/oz ($1,500-$4,000 per contract dollar swing), with FOMC days producing $50-$100/oz moves. This profile means GC requires wider stops and larger drawdown buffers than ES/NQ.
MGC (Micro Gold) is the 1/10-size variant at 10 troy ounces per contract — preferred by retail traders for sizing flexibility on smaller accounts.
How GC (Gold Futures) works
GC contract specifications (May 2026):
- Symbol: GC (sometimes GC1! or @GC)
- Exchange: COMEX Globex (CME Group)
- Underlying: Gold (physical bullion delivery available)
- Contract size: 100 troy ounces
- Tick size: $0.10 per troy ounce
- Tick value: $10 per tick
- Point value (per $1/oz move): $100 per contract
- Active months: February, April, June, August, October, December
- Trading hours: Sun 6:00 PM ET-Fri 5:00 PM ET, 1-hour daily break
- RTH: 8:20 AM-1:30 PM ET (London/COMEX overlap)
Margin:
- Day-trading margin: $1,000-$3,000 per contract at prop firms (Apex $1,000)
- COMEX initial margin: ~$10,000 (varies materially with realized vol)
MGC — Micro Gold: 10 troy ounces per contract (1/10 of GC). Tick value $1, point value $10. Preferred contract for retail.
Volatility profile:
- Daily range typically $15-$40/oz = $1,500-$4,000 per contract
- FOMC days: $50-$100/oz moves common = $5,000-$10,000 per contract
- Geopolitical events (war, currency crisis): $30-$80/oz moves in hours
When prop firm traders use GC: Macro hedge against equity positions, central bank policy plays (FOMC, ECB), inflation hedge, dollar-weakness trades, geopolitical-risk plays. Most GC trading is event-driven rather than continuous intraday.
Worked example
Setup: Trader on Apex $100K Performance Account holds 1 MGC long from $2,405.0/oz, stop at $2,400.0 ($50 risk), target at $2,415.0 ($100 reward). Risk/reward 1:2.
Outcome — FOMC dovish surprise:
- Gold spikes higher; price reaches $2,415 within 90 minutes.
- Gross P&L: +$10 × $10 = +$100
- Commission ~$4 round-trip → Net ~$96
Comparison vs 1 GC (full size):
- Same trade on 1 GC: +$10 × $100 = +$1,000 reward, $500 stop risk.
- 10x bigger dollar P&L for the same percentage move — 10x larger position.
Drawdown context on Apex $100K: Trailing drawdown $3,000. 1 GC at $500 stop = 17% of buffer per losing trade — large. 1 MGC at $50 stop = 1.7% of buffer — modest. Most prop firm traders use MGC for sizing flexibility, GC for high-conviction trades.
GC (Gold Futures) vs related concepts
Side-by-side comparison of GC (Gold Futures) against the most commonly confused alternatives.
| Concept | Definition | Category |
|---|---|---|
| GC (Gold Futures) this term | The standard Gold futures contract on COMEX — 100 troy ounces per contract with $0.10 tick size and $10 per tick. The dominant gold trading vehicle for futures prop firms. | Specific Contracts |
| CL (WTI Crude Oil Futures) | The WTI Crude Oil futures contract on NYMEX — 1,000 barrels per contract with $0.01 tick size and $10 per tick. The most actively traded oil futures contract in the world. | Specific Contracts |
| SI (Silver Futures) | The Silver futures contract on COMEX — 5,000 troy ounces per contract with $0.005 tick size and $25 per tick. Higher volatility cousin of gold; smaller liquidity but bigger swings. | Specific Contracts |
| NG (Natural Gas Futures) | The Natural Gas (Henry Hub) futures contract on NYMEX — 10,000 MMBtu per contract with $0.001 tick size and $10 per tick. One of the most volatile commodity futures. | Specific Contracts |
| Futures Contract | A standardized agreement to buy or sell a specific quantity of an underlying asset at a predetermined price on a specified future date — the foundational instrument of futures markets. | Futures Mechanics |
| Point Value | The dollar value of a one-point price movement on a futures contract — equal to the contract multiplier; a key input to position sizing math. | Futures Mechanics |
| Margin | The capital deposit required to open and hold a futures position — set by the exchange (initial margin) and broker (day-trade margin), typically 5-15% of contract notional value. | Futures Mechanics |
Why traders fail GC (Gold Futures)
Trading GC during NFP or FOMC at full size. Gold can move $30-$50/oz in 60 seconds on rate decisions. Position sizes that work in normal sessions can blow accounts during news velocity. Most experienced traders flatten GC before high-impact news.
Confusing GC and MGC tick values. GC tick is $10 ($0.10/oz × 100 oz). MGC tick is $1 ($0.10/oz × 10 oz). Sizing in dollars works regardless; sizing in ticks requires knowing which contract.
Holding GC overnight at high size during geopolitical events. Gold opens at significant gaps ($10-$30/oz) on Sunday Globex if news breaks during weekend. Stops can fill far from intended levels.
Trading GC without watching the dollar. Gold has strong inverse correlation to USD strength. Weak USD drives gold higher; strong USD pushes gold down. Successful GC traders watch DXY alongside gold.
Frequently asked questions about GC (Gold Futures)
What is GC futures?
GC is the standard Gold futures contract on COMEX (CME Group), representing 100 troy ounces of gold per contract. Tick size is $0.10 per troy ounce ($10 per tick), with a multiplier of $100 per $1/oz move. GC is the dominant gold trading vehicle for futures prop firm traders.
How much is one tick on GC?
One tick on GC is $0.10 per troy ounce and equals $10 in profit or loss ($0.10 × 100 oz). So a $5/oz move is 50 ticks ($500). A $10/oz move is 100 ticks ($1,000).
What is the day-trading margin for gold futures?
Day-trading margin for GC is $1,000-$3,000 per contract at most futures prop firms (Apex $1,000, others vary). MGC (Micro Gold) day margin is $100-$300 per contract. The COMEX exchange initial margin for overnight holds is approximately $10,000 per GC contract.
Should I trade GC or MGC on prop firm accounts?
Choose MGC for accounts under $100K, when learning gold trading volatility, or for sizing flexibility. Choose GC for $100K+ accounts and high-conviction event-driven trades. Most prop firm traders use MGC for normal sessions and GC only for specific macro events.
How does gold trading at prop firms differ from spot gold?
Prop firms trade GC and MGC futures (centralized CME clearing, standardized 100-oz contracts). Forex brokers offer XAU/USD spot trading (CFD-style, broker-dealer counterparty). Same underlying gold but different products. Futures GC has transparent volume, narrower spreads, and standardized expiration cycles — generally preferred over CFD spot.