MGC (Micro Gold Futures)
The Micro Gold futures contract — exactly one-tenth the size of GC, representing 10 troy ounces of gold with $0.10 tick size and $1 per tick. Preferred gold contract for retail and small-account prop firm traders.
What is MGC (Micro Gold Futures)?
MGC is the symbol for the Micro Gold futures contract, traded on COMEX (CME Group). It is the micro-sized version of GC, with all specifications exactly one-tenth of the standard contract: 10 troy ounces per contract (vs GC’s 100), $0.10 per troy ounce tick size (same as GC), $1 per tick. Notional value at $2,400/oz is $24,000 per contract (vs GC’s $240,000).
MGC launched in 2010 and predates the equity micro family by nearly a decade. Among micro commodity contracts, MGC is the most actively traded — gold’s role as a macro hedge instrument creates consistent retail and prop firm demand. The contract has become the dominant entry-point for gold futures trading among small-account traders, traders learning gold-specific volatility patterns, and macro-strategy traders running gold as part of multi-asset baskets.
The key trading consideration: gold moves on macro catalysts (FOMC, ECB, geopolitical events, USD-strength shifts) rather than continuous intraday momentum. MGC is event-driven trading more often than scalping — most successful MGC strategies center on FOMC announcement days, key US economic data releases (CPI, NFP), and geopolitical risk events. The smaller MGC tick value lets traders size positions around expected event volatility without the full GC dollar exposure.
How MGC (Micro Gold Futures) works
MGC contract specifications (May 2026):
- Symbol: MGC (sometimes MGC1! or @MGC)
- Exchange: COMEX Globex (CME Group)
- Underlying: Gold (same gold spot as GC; no physical delivery on MGC — financially settled)
- Contract size: 10 troy ounces (1/10 of GC’s 100)
- Tick size: $0.10 per troy ounce (same as GC)
- Tick value: $1 per tick (1/10 of GC’s $10)
- Point value (per $1/oz move): $10 per contract
- Active months: February, April, June, August, October, December
- Trading hours: Sunday 6:00 PM ET to Friday 5:00 PM ET, with daily 1-hour break
- RTH: 8:20 AM-1:30 PM ET (London/COMEX overlap)
- Settlement: Financially settled (no physical delivery — distinguishes MGC from GC)
Margin requirements:
- Day-trading margin: $100-$300 per contract at most prop firms (Apex $100, others vary)
- Initial margin (COMEX exchange minimum): ~$1,000 (1/10 of GC)
- Notional value: $10 × current gold price (~$24,000 at $2,400/oz)
Liquidity: MGC daily volume is roughly 80,000-150,000 contracts during active sessions — strong liquidity for a commodity micro. Typical bid-ask spread is 1 tick ($0.10 = $1) during RTH, occasionally 2 ticks during overnight or low-volume periods.
Position-size limits at prop firms ($50K accounts, May 2026):
- Apex $50K: Up to 30 MGC contracts max
- TPT $50K: Up to 30 MGC
- Tradeify $50K: Up to 30 MGC
- Lucid $50K: Up to 30 MGC
Volatility profile:
- Daily range typically $15-$40/oz = $150-$400 per MGC contract (vs $1,500-$4,000 per GC)
- FOMC days: $50-$100/oz moves common = $500-$1,000 per MGC contract (vs $5,000-$10,000 per GC)
- Geopolitical events (war, currency crisis): $30-$80/oz moves in hours
When prop firm traders use MGC: Macro hedge against equity positions, FOMC plays, inflation hedge positioning, dollar-weakness trades, geopolitical risk events. The smaller dollar exposure lets traders take FOMC-day positions with controlled drawdown impact.
Worked example
Setup: Apex $50K trader plans an FOMC trade on June rate-decision Wednesday. Thesis: dovish FOMC will weaken USD and rally gold; expects $30-$60/oz move in either direction within 30 minutes of the 2:00 PM ET announcement.
Pre-FOMC positioning (1:45 PM ET):
- Gold spot: $2,400/oz, MGC at 2,400.00
- Strategy: straddle via deferred entry — wait for first 5-minute candle close post-announcement, enter in direction of post-news move
- Maximum risk allocation: $300 across the trade
Outcome — dovish FOMC:
- 2:00 PM ET announcement: rate hold, dovish forward guidance
- Gold spikes to $2,418 in 90 seconds, pulls back to $2,412
- 2:06 PM ET: 5-min candle closes at $2,415. Trader enters long 8 MGC at $2,415.50
- Stop: $2,406 (9.5-point stop = 8 × 95 ticks × $1 = $760)
- Wait — that exceeds the $300 risk budget. Adjust: 3 MGC instead of 8.
- Actual entry: long 3 MGC at $2,415.50, stop $2,406 (3 × 95 × $1 = $285 risk)
- Target: $2,440 (24.5-point target = 3 × 245 × $1 = $735 reward)
- R:R = 2.6:1
Trade resolution:
- 3:15 PM ET: gold reaches $2,440. Target hit.
- MGC P&L: +$735
- Commission (3 round-trips): ~$8
- Net trade: +$727
Comparison vs same trade on GC:
- 1 GC contract instead of 3 MGC: $30 stop on $300 risk budget. Same percentage R:R but you can’t run the position long enough to reach the typical post-FOMC drift target.
- 0.3 GC equivalent (3 MGC) gives the position-sizing granularity FOMC trading requires.
MGC (Micro Gold Futures) vs related concepts
Side-by-side comparison of MGC (Micro Gold Futures) against the most commonly confused alternatives.
| Concept | Definition | Category |
|---|---|---|
| MGC (Micro Gold Futures) this term | The Micro Gold futures contract — exactly one-tenth the size of GC, representing 10 troy ounces of gold with $0.10 tick size and $1 per tick. Preferred gold contract for retail and small-account prop firm traders. | Specific Contracts |
| 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. | 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 |
| 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 |
| MES (Micro E-mini S&P 500 Futures) | The Micro E-mini S&P 500 futures contract — exactly one-tenth the size of ES, tracking the S&P 500 index with $5 per point and $1.25 per 0.25-tick. The most popular contract for new and small-account traders. | Specific Contracts |
Why traders fail MGC (Micro Gold Futures)
Trading MGC during US RTH only. Gold’s biggest moves happen during London hours (3:00-8:00 AM ET) when European institutional flow drives the market. US-RTH-only trading misses 60-70% of gold’s annual price discovery. Plan around London + NY overlap for highest-conviction MGC setups.
Using equity-style stops on MGC. Gold moves in 1-3 cent-per-ounce increments during quiet sessions, then 50-cent jumps during news events. A 5-tick stop (50 cents/oz = $5 per MGC) is normal market noise during FOMC; needs to be 30-50 ticks ($3-$5 per oz = $30-$50 per MGC) for event-driven trades.
Holding MGC overnight without volatility budget. Gold gaps regularly on weekend geopolitical news (Middle East developments, central bank announcements, currency crises). Stops left in market may fill 1-3% away from intended levels. For overnight holds, either reduce size or use wider stops calibrated to historical gap risk.
Confusing MGC and GC tick values. GC tick is $10 ($0.10/oz × 100 oz). MGC tick is $1 ($0.10/oz × 10 oz). Most platforms list both — click-trading the wrong contract is a common error that produces 10x intended exposure. Always verify the symbol before sizing.
Frequently asked questions about MGC (Micro Gold Futures)
What is MGC futures?
MGC is the symbol for the Micro Gold futures contract, traded on COMEX (CME Group). It represents 10 troy ounces of gold per contract — exactly one-tenth the size of the standard GC contract. Tick size is $0.10 per troy ounce ($1 per tick), with a multiplier of $10 per $1/oz move. MGC is the most actively traded micro commodity contract on US exchanges.
How is MGC different from GC?
Same gold spot price, same tick increment, same trading hours — just one-tenth the dollar exposure per contract. GC also has physical delivery available; MGC is financially settled only. A $30/oz gold move produces $300 per MGC contract vs $3,000 per GC contract.
What is the tick value of MGC?
MGC tick value is $1. The tick size is $0.10 per troy ounce (same as GC). With a contract size of 10 troy ounces, every $0.10/oz tick equals $1 of P&L per contract. Point value (per $1/oz move) is $10 per contract.
When should I trade MGC instead of GC?
Use MGC when (1) your account size is under $50K and GC dollar exposure would over-leverage you, (2) you're learning gold-specific volatility patterns, (3) you want sub-1-GC sizing granularity for macro strategies, or (4) you're building multi-asset baskets where gold is one component among several. For full position-size accounts traded by experienced commodity traders, GC may offer better liquidity at scale.
What's the best time of day to trade MGC?
Gold's best liquidity is during the London/COMEX overlap (8:20 AM-1:30 PM ET RTH), particularly the first 90 minutes (8:20-9:50 AM ET). Major catalysts (FOMC at 2:00 PM ET, NFP at 8:30 AM ET first Friday of the month, CPI at 8:30 AM ET monthly) drive event-specific volatility. Asian session (8:00 PM-3:00 AM ET) is generally low-volume for gold and produces less reliable price action.
Can I trade MGC on FOMC announcement days?
Yes — FOMC days are among the most profitable MGC trading days when handled with discipline. FOMC announcements (typically 2:00 PM ET on FOMC meeting Wednesdays) commonly produce $50-$100/oz moves within 30-60 minutes — $500-$1,000 per MGC contract. Most successful MGC traders sit out the first 5-10 minutes of post-announcement chop, then enter on confirmed direction with stops calibrated to the announced policy shift.