Gold Futures Contract Size: What Each Standard Contract Controls

Last Updated: June 2, 2026

A gold futures contract size determines how much physical gold you're controlling with each position. For the standard contract (GC) traded on the CME, one contract represents 100 troy ounces of gold. That means a single contract gives you exposure to roughly $200,000 worth of gold at current prices—without needing to buy the metal outright. Understanding contract size matters because it directly affects your margin requirement, tick value, and how much profit or loss you realize per point move. Knowing whether you're trading the standard 100-ounce contract or the micro contract (MGC) at 10 ounces changes your risk profile and position sizing. If you're evaluating gold as a hedge or speculative trade, recognizing the contract specs—tick size, settlement method, and expiration cycles—helps you calibrate entries, exits, and risk management. You'll also want to compare how futures differ from spot gold, ETFs, or crypto-backed commodities trading if you're building a diversified portfolio. By the end of this piece, you'll know exactly what you're committing to when you enter a gold futures position and how contract size shapes your capital requirements and exposure.

Contract Specifications Overview

Why contract size shapes your exposure

Gold futures contract size directly controls how much capital you need and how much risk you take per point. With a 100-ounce standard contract, every $10 move in the gold price shifts your P&L by $1,000. That amplification works both ways—gains compound fast, but so do drawdowns. If gold drops $50, you're down $5,000 on one contract. The micro contract at 10 ounces reduces that sensitivity to $500 per $50 move, making it easier to test strategies or manage smaller accounts. Contract size also determines margin requirements: standard contracts typically require $8,000–$12,000 in initial margin, while micro contracts need around $800–$1,200. Smaller size doesn't mean lower percentage risk—it means you can scale position size to match your account without over-leveraging. Traders often use micros to fine-tune exposure when a full standard contract would push risk beyond their threshold. Physical delivery is another factor: if you forget to roll or close a standard contract, you're on the hook for 100 ounces of gold and the logistics of vault storage. Most brokers will force liquidation before expiration, but knowing the contract size helps you plan roll dates and avoid surprises. For a detailed breakdown of how futures margin works across commodities, see the CME margin requirements page.

Key factors that affect contract value

Understanding how the math works ensures you size positions correctly and avoid expensive mistakes.

1. Tick size and tick value A tick is the smallest price increment. For gold futures, that's $0.10 per ounce. On a 100-ounce contract, one tick equals $10. On a micro, it's $1. If you're scalping or day-trading, tick value determines whether your spread and commission leave room for profit.
2. Margin vs. notional exposure Margin is the deposit you put up; notional exposure is the total value you control. A $10,000 margin might control $200,000 in gold. That leverage magnifies returns but also losses—never confuse margin with the actual capital at risk.
3. Settlement method Standard gold futures can be physically delivered or cash-settled depending on the contract month. Most traders roll before expiration to avoid delivery logistics. If you hold through final settlement, you'll need vault access and compliance with CME delivery procedures.
4. Contract months and liquidity Gold futures trade in specific months—February, April, June, August, October, December. The front month is usually the most liquid. Rolling between contracts incurs spread costs, so understanding the calendar helps you time entries and exits.
5. Currency risk Gold futures are priced in U.S. dollars. If you're trading from outside the U.S. or hedging a non-dollar portfolio, exchange rate moves add a layer of risk. A strong dollar can suppress gold prices even when physical demand is high.
6. Volatility and intraday moves Gold can swing $20–$50 in a session during macro events. On a standard contract, that's $2,000–$5,000 in P&L. Knowing the contract size helps you set stop-losses that match your risk tolerance without getting shaken out by normal noise.

Traders often combine standard and micro contracts to dial in exact exposure. If you want 150 ounces of exposure, you can hold one standard and five micros instead of rounding to 200 ounces with two standards. For more on position sizing strategies, explore how contract granularity affects risk management across asset classes.

Contract size also interacts with order execution: larger contracts have tighter spreads but require more capital per fill. If you're scaling in over multiple trades, micros let you average in without committing full standard-contract margin up front. Compare this to spot gold or gold ETFs, where you buy in dollar increments—futures lock you into fixed contract multiples, so planning entry size in advance matters.

Trading gold futures on evedex

evedex offers access to gold futures alongside crypto derivatives, letting you hedge digital assets with traditional commodities in one account. You can trade both standard and micro gold contracts with transparent margin tiers, real-time P&L tracking, and no hidden rollover fees. The platform's unified interface shows futures, spot, and perpetual positions side by side, so you can compare basis spreads and decide whether to hold a futures contract or roll into a new month. For traders building cross-asset portfolios, evedex's API supports automated rebalancing between gold, Bitcoin futures, and stablecoin collateral. Whether you're using gold as a macro hedge or a standalone directional trade, evedex's margin engine calculates exposure per contract in real time and alerts you before maintenance thresholds trigger liquidation.