Gold Futures Contract Size: What Each Contract Represents
Last Updated: June 2, 2026
The gold futures contract size determines how much metal you control with a single contract—and how much capital you'll need to enter a position. On the COMEX exchange, the benchmark standard contract represents 100 troy ounces of .995 fine gold, making each dollar move in the gold price equal to a $100 change in contract value. Smaller micro gold futures (10 troy ounces) and mini contracts (50 ounces) offer scaled-down exposure for traders managing tighter budgets or testing strategies. Understanding contract specifications, margin requirements, and tick values is the foundation of position sizing and risk management in futures markets. Whether you're hedging physical gold holdings or speculating on price moves, knowing exactly what you're trading—and how leverage and settlement mechanics work—keeps you in control. This guide walks through the dimensions of each contract type, how exchanges calculate maintenance margin, and what contract size means for portfolio allocation and liquidity. By the end, you'll know which contract fits your account size, how to calculate position exposure, and where contract specifications matter most in your crypto exchange and derivatives trading strategy.
Gold Futures Contract Specifications
| Contract | Size | Tick | Margin |
|---|---|---|---|
| Standard (GC) | 100 troy ounces of .995 fine gold, deliverable as 100-ounce bars meeting COMEX standards | $0.10 per ounce ($10 per contract); price quoted in dollars per troy ounce | Initial margin $8,000–$11,000; maintenance margin typically 75–80% of initial, adjusted daily |
| Micro (MGC) | 10 troy ounces of .995 fine gold, cash-settled or deliverable depending on broker | $0.10 per ounce ($1 per contract); one-tenth the exposure of standard contracts | Initial margin $500–$1,200; lower capital requirements make micro contracts suitable for smaller accounts |
| Mini (QO) | 50 troy ounces of .995 fine gold, less liquid than standard or micro contracts | $0.25 per ounce ($12.50 per contract); bid-ask spreads may be wider than standard | Initial margin $4,000–$6,500; maintenance margin proportional to contract size, recalculated daily |
Why Contract Size Matters for Traders
Gold futures contract size directly controls how much price movement affects your account. A standard 100-ounce contract moves $100 for every dollar the gold price changes. If gold rises from $2,000 to $2,010 per ounce, your position gains $1,000. The same $10 move in a micro contract equals $100. This leverage amplifies returns but also magnifies losses, so matching contract size to account equity is critical. Smaller contracts let you test strategies without overexposing capital, while standard contracts offer tighter spreads and deeper liquidity for larger positions. Margin requirements reset daily based on contract value, meaning a sharp price move can trigger a margin call if your account balance falls below maintenance levels. Choosing the right contract size starts with knowing your risk tolerance, account size, and how much volatility you can handle. For traders bridging traditional and digital assets, understanding futures contract mechanics translates directly to crypto derivatives strategies.
Key Factors in Choosing Contract Size
Selecting the appropriate gold futures contract depends on several practical considerations:
- Account equity Match contract size to your available capital; a $5,000 account should not hold multiple standard contracts requiring $8,000+ margin each.
- Risk per trade Calculate maximum loss in dollars: if you risk 2% per trade on a $10,000 account, that's $200—less than one standard contract's typical daily swing.
- Position scaling Micro contracts allow you to add or reduce exposure in smaller increments, adjusting risk as market conditions change without large all-or-nothing moves.
- Liquidity needs Standard contracts have the tightest bid-ask spreads and highest volume; mini and micro contracts may have wider spreads during off-peak hours.
- Strategy complexity Multi-leg strategies like spreads benefit from standard contracts' liquidity; single directional trades work fine with micro contracts for smaller accounts.
- Delivery vs. cash settlement Standard contracts may require rolling positions before expiration to avoid physical delivery; some brokers cash-settle micro contracts automatically.
The most common mistake is trading a contract size too large for the account. A single standard contract on a $10,000 account leaves almost no room for drawdown before hitting maintenance margin. Micro contracts give you breathing room to survive normal volatility without forced liquidation.
Even experienced traders use smaller contracts when testing new strategies or trading in unfamiliar conditions. The goal is to stay in the game long enough to let your edge work, and contract size is the lever that controls how much each trade risks.
Trading Gold Futures on Evedex
Evedex allows traders to access gold futures alongside crypto derivatives through a unified margin account. The platform supports both standard and micro gold futures contracts, with real-time margin calculations that adjust as positions move. You can allocate capital across gold, Bitcoin futures, and other assets from the same dashboard, hedging inflation exposure or diversifying correlated trades. The margin engine pools available equity across all positions, so unused margin from a gold futures trade can support a crypto position without transferring funds. Execution runs through direct exchange connectivity, giving you the same order types and risk controls you'd use on traditional futures platforms, but with cross-asset flexibility. Evedex's interface shows contract specifications, tick value, and margin impact before you submit an order, so you know exactly what you're committing to.
