Gold futures are standardized, exchange-traded contracts that let traders buy or sell a set amount of gold at a set price on a future date.
Here's what to know before you place your first gold futures order: contract sizes, how micro gold fits in, trading hours, margin, and delivery.
What are gold futures and how does gold futures trading work?
Gold futures trading means you buy or sell these contracts to speculate on the price of gold.
Gold futures contracts can lead to physical delivery of gold, but retail traders usually close or roll a position before the contract comes due, so delivery rarely comes into play.
How gold futures work
Each contract represents a fixed quantity of gold and trades through the Chicago Mercantile Exchange (CME) on its electronic CME Globex system. Curious how futures differ from spot gold? Read gold futures vs. spot gold.
Why retail traders close or roll before delivery
Self-directed retail traders rarely take delivery of gold, so they often close or roll their positions ahead of the first notice date, the earliest day a buyer of a physically delivered futures contract can be assigned delivery of the underlying commodity.
What moves gold futures prices
Gold futures prices can react to geopolitical and economic news. For the fundamentals behind those moves, see what drives gold futures prices.
Gold futures contract sizes: standard gold (GC) and micro gold (MGC)
Standard gold futures (GC) cover 100 troy ounces and micro gold futures (MGC) cover 10, so micro gold moves a position's value one-tenth as much per tick.
NinjaTrader offers standard gold futures at 100 troy ounces and micro gold futures at 10 troy ounces. Both trade in the same 0.10 price increments; what changes is the dollar value of each increment.
Any trading symbols, company names, logos, or trademarks displayed are used for illustrative purposes only and remain the property of their respective owners. Their use does not imply affiliation with, endorsement by, or sponsorship of NinjaTrader, nor do any trading symbols displayed constitute investment advice or recommendations.
GC and MGC at a glance
A tick is the smallest price move a contract can make, and tick value is what that move is worth in dollars per contract.
| Contract | Symbol | Size | Tick size | Tick value |
|---|---|---|---|---|
| Gold futures | GC | 100 troy ounces | 0.10 | $10.00 |
| Micro gold futures | MGC | 10 troy ounces | 0.10 | $1.00 |
For listed contract months and other details, see the gold futures contract specifications.
What micro gold futures are
Micro gold futures (MGC) are one-tenth the size of standard gold futures, so a $0.10 tick is worth $1.00 per MGC contract compared with $10.00 per GC contract. Because each contract is smaller, micro gold can give you more room to scale in and out of a position and to control trade size risk more precisely. Leverage also increases risk, so trade only with risk capital: money you can afford to lose.
A sizing example in dollars per move
As an illustrative example, a $1.00 move in the gold futures price equals 10 ticks of 0.10. That changes the value of one GC contract by $100.00 and one MGC contract by $10.00.
Per move, one GC contract carries 10 times the dollar exposure of one MGC contract, so the contract you choose sets how much each tick matters to your account.
Gold futures trading hours
You can trade gold futures for most of the week, with a short daily break and a close over most of the weekend.
The weekly window and daily break
Gold futures trade nearly 24 hours a day, from Sunday 6:00 pm ET to Friday 5:00 pm ET (as of October 30, 2026). The market pauses each day at 5:00 pm ET for a one-hour maintenance break.
Contract specs
Benchmark metals contracts share the same Sunday-to-Friday window as equity index, energy, and treasury futures, but individual products can keep longer or shorter sessions, so check the contract specifications for the market you plan to trade.
For more on how sessions work across markets, see futures trading hours. Keep in mind that trading a specific gold contract month ends before that contract's delivery window, which the next section covers.
Gold futures margin and delivery: What to know before your first trade
Margin is the money your account needs to hold a gold position. Delivery is the other thing to plan for. Gold futures are physically deliverable, so holding a contract past the first notice date could mean being assigned physical delivery of actual gold. That's why traders tend to close or roll their positions before the cutoff.
Margin: intraday vs. initial
Two margin terms futures traders should understand:
- Intraday margin is the minimum account balance your broker requires to hold one contract during trading hours. It's sometimes called day trading margin.
- Initial margin is the per-contract minimum set by the exchange that you need to hold a position overnight. It's sometimes called overnight margin.
Intraday margin rates apply from the product open until 15 minutes before the session close, when initial margin is required. Requirements can change, so check current intraday margins by market before you trade.
Delivery and first notice date
Traders who don't want physical delivery of gold futures close or roll their positions before the first notice date, and NinjaTrader closes positions that risk going into delivery.
For gold, the first notice date falls on the last trading day of the month before the contract month. NinjaTrader prohibits trading in physically deliverable futures beginning on the business day before the earlier of the last trade date or the first notice date, and any position or order after that point is subject to liquidation and fees. Read the margin policy and position management page for the full wording.
Decide whether to close or roll your position ahead of the cutoff, because after it passes the position is subject to liquidation.
How to trade gold futures: A step-by-step start
A first gold futures trade comes down to five steps, from opening an account to managing your order.
- Open an account. Sign up for a free NinjaTrader account.
- Choose your contract. Decide between GC and MGC based on how much dollar value you want each tick to carry: $10.00 for GC or $1.00 for MGC.
- Review margin. Check the intraday and initial margin requirements for your contract before you place an order.
- Practice in NinjaTrader's sim environment. Rehearse your entries and exits in our sim environment before you trade gold futures with real money.
Simulated trading does not represent actual trading and is based on hypothetical conditions. Actual trading results may differ significantly due to factors such as market conditions, liquidity, execution, and the emotional and psychological impact of risking real money. Simulated trading is provided for educational and platform-familiarization purposes only and should not be relied upon as an indication or expectation of results in a live trading environment.
- Place and manage your order. Set a stop-loss order and your position size before you enter, then manage the trade against your plan.
Before you go live, have a futures trading plan and a risk management strategy in place so your exit is decided before you enter a trade.
Other metals futures: Silver and copper
Interested in trading other metals futures? NinjaTrader also offers silver futures and copper futures. Each product page lists the contract details for that market.
Start trading gold futures with NinjaTrader
NinjaTrader offers both standard gold futures (GC) and micro gold futures (MGC), so you can start with the contract size that fits your trading plan. NinjaTrader was recognized as the "Best Futures Broker" by BrokerChooser for 2025 and 2026 and "Best Broker for Trading Micro Gold (MGC) Futures" for 2026.
NinjaTrader was recognized as the "Best Futures Broker" by BrokerChooser for 2025 and 2026 and "Best Broker for Trading Micro Gold (MGC) Futures" for 2026. BrokerChooser determines the ratings based on evaluation and real-account testing of brokers and investment platforms. NinjaTrader has a paid marketing relationship with BrokerChooser, but paid no application fee to earn this rating or otherwise participate in BrokerChooser's independent methodology.
Ready to explore trading gold and micro gold futures?
FAQs on gold futures
What is the difference between GC and MGC futures?
GC is the standard gold contract at 100 troy ounces, and MGC is the micro contract at 10 troy ounces. Both move in 0.10 increments, but a tick is worth $10.00 on GC and $1.00 on MGC.
What are gold futures trading hours?
As of October 30, 2026, gold futures trade nearly 24 hours a day, from Sunday 6:00 pm ET to Friday 5:00 pm ET, with a one-hour daily maintenance break. Individual products can keep different sessions, so check the contract specifications for your market.
What is margin in gold futures trading?
Intraday margin is the minimum balance your broker requires to hold a contract during trading hours. Initial margin is the exchange's per-contract minimum for holding a position overnight.
Do I have to take delivery of gold if I trade gold futures?
You do not have to take delivery of gold if you close or roll your position ahead of NinjaTrader's delivery cutoff, which begins the business day before the first notice date. NinjaTrader closes positions that risk going into delivery.
How do you trade gold futures?
Open an account, choose GC or MGC, review margin requirements, practice in NinjaTrader's sim environment, and then place your order with a stop-loss order and position size set before you enter.
