What Are Micro Gold Futures? MGC Explained
Learn what MGC Micro Gold futures are: 10-ounce contracts at one-tenth GC size, their $1.00 outright tick, and ACE certificate delivery.
Direct answer
Micro Gold futures, commonly identified as MGC, are COMEX contracts for 10 troy ounces, exactly one-tenth the standard 100-ounce GC contract. On CME Globex, an ordinary outright minimum movement of 0.10 USD per ounce equals $1.00 per contract. Delivery occurs through Accumulated Certificates of Exchange, ten of which redeem into one GC warrant, with multiples-of-ten delivery except on the last intent day.
MGC names a dated tenth-size gold agreement, not a spot gram quote
MGC is the product root for COMEX Micro Gold futures. A complete agreement also has a contract month and year, so a value displayed beside MGC is not automatically a current spot quote or a fractional bullion holding. It is a labelled observation of a futures contract at one-tenth GC scale, and the label determines which rules and delivery process apply.
How to read Micro Gold futures quotes shows which fields make an observation usable. Micro Gold futures expiration and delivery explains why the named month matters when a contract approaches its ACE delivery process.
The 10-ounce MGC unit is one-tenth the GC contract by design
Chapter 120 sets one standard MGC contract at 10 troy ounces meeting GC-grade Chapter 113 specifications. Because quotation is dollars per ounce, a $100 move per ounce equals $1,000 per contract, versus $10,000 for GC. The unit describes the standardized fraction; it is not a claim about an account balance, margin, or appropriate order size.
Micro Gold futures versus Gold futures compares the two sizes directly. Futures position sizing treats that contract unit, the number of contracts, and an account's own limits as three separate inputs.
MGC ticks, listings, and ACE math all scale from GC
For an ordinary MGC outright trade on CME Globex, the minimum fluctuation is 0.10 USD per ounce, or $1.00 per contract, matching the GC tick in per-ounce terms while shrinking the dollars tenfold. Listings run February, April, June, August, October, and December over 24 months. Each ACE evidences 10 percent of a 100-ounce GC bar, so ten ACEs redeem into one GC warrant and storage accrues to the ACE holder.
Record the product before calculating: an MGC tick and a GC tick share decimals but not dollars. A 10-to-1 MGC-to-GC offset exists for mixed-size books.
ACE delivery converts micro positions into standard warrants
MGC delivery does not move bars directly. Longs receive ACEs, shorts convert a GC warrant into ten ACEs through the clearing house, and deliveries proceed in multiples of ten contracts except on the last intent day. Chapter 120 points to Chapter 7 for the broader framework, and depository plus clearing arrangements matter for an actual open position.
Cash-settled versus physically delivered futures draws the general settlement-design line, and MGC sits on the certificate-deliverable side. What are Gold futures covers the full-size contract for readers comparing the two.
A workable MGC record separates quotation facts from account facts
Before relying on an MGC number, preserve the root, month-year, dollars-per-ounce convention, trade or quote type, price field, source, timestamp, session, and data status. Futures contract month codes helps turn a compact MGC symbol into the agreement whose delivery calendar applies.
Margin is collateral, not a substitute for the 10-ounce contract unit or a recommendation to open a position. Futures margin versus leverage explains that distinction without inferring an account-specific requirement.
This guide explains standard Micro Gold futures mechanics. It does not provide a live gold price, a metals forecast, margin requirement, trade recommendation, or broker delivery instruction. Current COMEX rules, data terms, clearing procedures, and account documents govern a particular contract.
Common questions
What does MGC mean in futures?
MGC is the COMEX product root for Micro Gold futures. Add a contract month and year to identify the particular standardized agreement.
How many ounces does one MGC contract represent?
One standard MGC contract represents 10 troy ounces meeting GC-grade specifications, exactly one-tenth of the 100-ounce GC contract.
What is the ordinary MGC tick value?
The ordinary CME Globex outright minimum movement is 0.10 U.S. dollar per ounce, equal to $1.00 per standard MGC contract.
How does MGC delivery work?
Longs receive ACEs evidencing tenth-bar ownership and shorts convert GC warrants into ACEs. Ten ACEs redeem into one GC warrant, with multiples-of-ten delivery except the last intent day, and a 10-to-1 offset exists for mixed books.
Are Micro Gold futures cash settled?
No. Standard MGC futures are certificate-deliverable under Chapter 120 and the applicable delivery procedures. Current clearing and depository documents determine the handling of a particular open position.