Gold Futures vs Micro Gold Futures: Which Size Fits?

Gold has become a favourite of futures traders and prop-firm challengers. The contract you pick decides how much each wiggle costs, which matters more than any entry signal.

What people on X are asking

In February 2026 a thread for forex traders moving to futures prop firms explained the month codes and then turned to size: traders say they trade "MNQ" or "MGC" and newcomers need to know what that means. In November a futures account showed how risk per trade moves with the stop when you trade a fixed number of contracts. Both points come down to contract size.

The fact-checked answer

CME gold futures compared

Specifications from CME Group; notional values computed by UXS at an illustrative $4,000 an ounce. Margins are set by CME and your broker and change with volatility. Tap a column header to sort.

Feature	Gold (GC)	Micro Gold (MGC)	1-Ounce Gold (1OZ)
Contract size	100 troy oz	10 troy oz	1 troy oz
Minimum tick	$0.10/oz = $10	$0.10/oz = $1	$0.25/oz = $0.25
Value of a $1 move	$100	$10	$1
Value of a $10 move	$1,000	$100	$10
Approx. notional at $4,000/oz	$400,000	$40,000	$4,000
Settlement	Physical delivery	Physical (ACE certificates)	Cash-settled to GC
Launched	Benchmark contract	2010 (as E-micro gold)	January 13, 2025

Size from the stop, not from the account. Decide where your stop goes first, then compute the dollar risk per contract. If gold is at $4,100 and your stop is $15 away:

• one GC contract risks $15 × 100 = $1,500;
• one MGC risks $15 × 10 = $150;
• one 1OZ risks $15.

With a $25,000 account risking 1% ($250) per trade, that stop allows one MGC (a second would bring the risk to $300), but not even one GC. Our position size calculator page explains the same logic in forex terms.

Gold moves a lot in dollars. At $4,000+ an ounce, a 1% day is $40 or more. That is $4,000 per GC contract. In prop-firm challenges, where the daily loss limit might be $1,000–2,000, a single GC contract can breach it in one normal move. Most firms set contract limits partly for this reason, usually counting micros at one-tenth.

Delivery and expiry. GC and MGC are physically delivered; most traders close or roll before the delivery period. MGC delivery is via ACEs (certificates representing a share of a 100-ounce bar), not a 10-ounce bar in your hands. 1OZ settles in cash to the GC settlement price, so there is no delivery to manage. All three settle daily to the same GC-based prices.

Futures vs spot gold. Futures prices include carry (interest and storage) relative to spot, so the futures quote is usually a little above spot; see contango vs backwardation and what XAU/USD is.

Free PDF

Gold futures position sizing sheet (PDF)

Fill in before each trade.

Inputs

Risk per contract

Contract	Ounces	Risk per contract (stop x ounces)	Contracts allowed (round down)
GC	100
MGC	10
1OZ	1

Checks

1. Contracts allowed is at least 1; otherwise skip or use a smaller contract
2. Prop firm contract limit and daily loss limit respected
3. Not holding into the delivery period
4. Major news times checked

Fill-in fields in the PDF: Account size ($) and risk per trade (%); Dollar risk allowed (account x risk %); Entry price and stop price; Stop distance ($ per ounce).

Download the PDF (44 KB, made by UXS, no sign-up)

Margin is not risk. The initial margin for one MGC contract is a small fraction of its notional value (10 ounces, so $40,000 if gold traded at $4,000 an ounce), and that is what makes futures leveraged. A trader with $5,000 could technically open several micros, but a $50 move in gold, well within a volatile week, would cost $500 per contract. Size from the stop and the account's risk limit; treat the margin figure only as the minimum the broker requires to keep the position open, not as a guide to how many contracts are sensible.

Index futures have the same full-size and micro split; see NQ vs MNQ point values.

Physical delivery can matter at expiry; see how WTI crude futures went negative in 2020.

Index futures have the same size choice; see ES vs MES for a small account.

Both contracts trade above spot for the same reason; see why gold futures are usually higher than spot.

Common mistakes

• Trading GC because "it is the real contract" with an account too small for its swings.
• Keeping contract count fixed while stop distance changes.
• Forgetting that a micro still moves $100 per $10 in gold.
• Holding physically delivered contracts too close to first notice day.

FAQ

What is the difference between GC and MGC?

Size: GC is 100 ounces and MGC is 10 ounces. Ticks are the same $0.10 per ounce, worth $10 and $1 respectively.

How much is one tick on micro gold?

$1, for a $0.10 move per ounce.

What is 1-Ounce Gold futures?

A cash-settled CME contract for one troy ounce, launched in January 2025, with a $0.25 tick worth $0.25.

How much money do I need to trade gold futures?

It depends on margin set by CME and your broker, but more importantly on whether a normal stop fits your risk per trade.

Do micro gold futures follow the same price as GC?

Yes; they settle to the same daily GC-based prices.

Is MGC good for prop firm challenges?

Its smaller size makes it easier to fit a daily loss limit, which is why many challengers use it.