Micro gold futures (ticker MGC) let you trade gold at one-tenth the size of the standard gold contract. They're popular with funded traders because you can size precisely and keep risk small while you learn how gold moves.
MGC contract specs
| Micro gold (MGC) | Gold (GC) | |
|---|---|---|
| Contract size | 10 troy ounces | 100 troy ounces |
| Tick size | $0.10 per ounce | $0.10 per ounce |
| Tick value | $1.00 | $10.00 |
| Value of a $1 move in gold | $10 | $100 |
| Exchange | CME Group (COMEX) | CME Group (COMEX) |
So 10 MGC contracts carry the same exposure as 1 GC contract. MGC trades on CME Globex nearly 24 hours a day, from Sunday evening to Friday afternoon US time, with a short daily break.
How to work out profit and loss on MGC
P&L = (exit price − entry price) × 10 × contracts
Example: you buy 2 MGC at 2,400.0 and sell at 2,406.5. That's $6.50 × 10 × 2 = $130 before fees. Counted in ticks: 65 ticks × $1 × 2 contracts = $130.
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Try VOLERON free for 7 daysHow to size an MGC position
Start from the dollar amount you're willing to lose, then divide by what your stop costs per contract:
Contracts = risk in $ ÷ (stop in ticks × $1)
If you'll risk $200 and your stop is 40 ticks ($4.00) away, that's $200 ÷ $40 = 5 contracts. If the stop needs to be 80 ticks, it's 2 contracts (rounded down). The stop goes where the trade idea is wrong, and the size adjusts to fit, never the other way round. More in how much to risk per trade.
When gold moves most
Gold trades around the clock, but activity isn't even. Many traders focus on:
- The London open, when European volume arrives
- The New York open and morning, especially around US economic data
- Big news days such as US inflation (CPI), jobs reports and interest rate decisions, when gold can move fast and spreads widen
Which session suits you is a question for your own data, not a general rule. Tag every trade with its session and compare after 30 or more trades. See best time to trade futures.
Common MGC mistakes
- Treating ticks like points. A $1 move in gold is 10 ticks, not 1. Do the maths before entry.
- Sizing up because it's "only micros". Ten micros is a full GC contract.
- Stops too tight for gold. Gold can move several dollars in seconds on news. A stop inside normal noise just gets hit.
- Forgetting fees. On small targets, commission per contract is a real share of each win.