Micro Gold Futures Expiration and Delivery Explained
Learn MGC expiration: third-last-business-day termination, ACE certificate delivery in tens, last-intent-day exception, rolls, and broker instructions.
Direct answer
Micro Gold futures are certificate-deliverable, not cash settled. Trading terminates on the third last business day of the contract month, while ACE delivery may occur on any business day from the first through the last business day of that month. Deliveries run in multiples of ten contracts except on the last intent day, ten ACEs redeem into one GC warrant, and mixed 10-to-1 books can offset directly.
The MGC delivery month defines an ACE window, not a single day
Expiration and delivery belong to one named MGC contract month and year. The delivery period spans the whole month through ACE transfers rather than bar movement: any business day from the first through the last business day of the delivery month can host a delivery. Preserve the exact month-year before joining a rulebook statement to a calendar or an account instruction.
What Micro Gold futures are explains the 10-ounce unit and ACE design. How to read Micro Gold futures quotes helps distinguish a named contract from a continuous series or an unlabelled price.
MGC termination stops current-month trading on the third last business day
No trades in current-month MGC may occur after the third last business day of that month. This business-day-count rule ends the trading window while the ACE delivery window keeps running. Contracts still open past that point face certificate delivery, EFRP, or broker action, never another ordinary trading session.
What happens when a futures contract expires sketches the general futures lifecycle, but it cannot replace the current MGC calendar for a named contract.
Ten ACEs make a warrant, except on the last intent day
Each ACE evidences 10 percent of a 100-ounce GC bar held as a warrant, with storage invoiced to the ACE owner. Deliveries proceed in multiples of ten MGC contracts on every delivery day except the last intent day, when any quantity may deliver. Shorts convert a GC warrant into ten ACEs; longs accumulating ten ACEs redeem one GC warrant. Tolerance adjustments for bar weight run through the clearing house.
Cash-settled versus physically delivered futures contrasts the two settlement designs, and MGC is a canonical certificate-deliverable example. Futures first notice and last trading day keeps generic deadline vocabulary apart from the product-specific MGC window.
First business day through last business day bounds the MGC handoff
ACE delivery may begin on the first business day of the delivery month and run through the last business day. Retain the exchange calendar, current rulebook reference, first-notice status, ACE state, and the source of each date. Do not fill a missing date with a presumed sequence, and do not assume a public exchange rule is an account-level instruction. Broker intent deadlines can sit well before the exchange window closes.
Rolls and broker cutoffs leave MGC exchange rules untouched
A roll changes exposure from one named MGC month to another. It does not extend the nearby contract's termination rule or widen its delivery window. A 10-to-1 MGC offset against GC exists for mixed-size books. A broker may set a client-facing action date earlier than an exchange process, so keep broker instructions in a separate field.
Futures contract roll mechanics covers the two dated ounce contracts inside an MGC roll. Futures contract month codes helps resolve the compact MGC symbol before any date is used.
This guide describes standard Micro Gold futures expiration and delivery mechanics. It does not state a live deadline, decide whether to roll or close, provide a delivery notice, or determine a broker's handling of a position. Current COMEX rules, clearing procedures, calendar notices, and account documents govern a particular contract.
Common questions
When does trading in an expiring MGC contract end?
No current-month trades may occur after the third last business day of that month. Holiday shifts move the count, so check the named contract's calendar.
When can MGC delivery occur?
On any business day from the first business day through the last business day of the delivery month, which extends past the termination day.
What is an ACE in micro gold delivery?
An Accumulated Certificate of Exchange evidencing 10 percent ownership in a 100-ounce GC bar held as a warrant. Ten ACEs redeem into one GC warrant, with storage invoiced to the ACE owner.
Must MGC delivery always run in tens?
On every delivery day except the last intent day, yes: multiples of ten contracts. On the last intent day the restriction lifts and odd quantities may deliver.
Does an exchange delivery date set my broker deadline?
Not necessarily. A broker can require intent or action well before the exchange window closes. Keep the broker's instruction separate from the exchange-level rule.