How much is one gold futures contract
How much is one gold futures contract
Summary
If you are asking "how much is one gold futures contract," the short, practical answer is simple: a standard COMEX gold (GC) futures contract represents 100 troy ounces of gold, so the contract's notional value equals the quoted price per troy ounce multiplied by 100. For example, when gold trades at $1,800 per troy ounce, one COMEX gold futures contract equals about $180,000 notional. A $1 move in the gold price changes the contract value by $100, and the minimum quoted tick is typically $0.10 per ounce (equivalent to $10 per contract). This article explains the contract specifications, how to compute the dollar value, margin and leverage implications, settlement mechanics, practical trader considerations, alternative instruments, and where to check live quotes.
Note: This guide focuses on the benchmark COMEX (CME Group) gold futures contract (ticker GC) and its commonly used micro/mini variants. As of 2026-01-17, according to CME Group, the standard contract size and tick specifications remain 100 troy ounces and $0.10 per ounce respectively.
Definition and market context
A futures contract is a standardized, exchange-traded agreement to buy or sell a specified quantity of an asset at a predetermined price on a set future date. When people ask "how much is one gold futures contract," they typically refer to the COMEX gold futures contract traded on the CME Group. COMEX gold futures are a benchmark used for price discovery, hedging and speculative exposure to the gold market. Traders, miners, producers, and institutional investors use gold futures to manage price risk or gain leveraged exposure to gold price moves. Unlike spot physical gold, a futures contract denotes the right and obligation structure defined by exchange rules and contract specifications.
As of 2026-01-17, according to CME Group reporting, the standard COMEX gold futures contract remains the primary, most liquid derivative for large-scale exposure to the gold price. For retail access and smaller-size exposure, micro gold futures and exchange-traded products are commonly used.
Standard contract specifications (what “one contract” means)
Contract size
One standard COMEX gold futures contract represents 100 troy ounces of gold. That means a single contract gives the holder contractual control over delivery of 100 troy ounces at delivery (if held to physical delivery) under the exchange's delivery rules. Practically, most futures positions are closed or rolled before delivery.
Important nuance: owning one contract is not the same as physical ownership of bullion until the contract is settled and delivery procedures are followed; most traders use contracts for price exposure rather than taking physical delivery.
Tick size and tick value
The typical minimum price increment (tick) for the standard COMEX gold futures is $0.10 per troy ounce. Because the contract represents 100 troy ounces, each $0.10 tick equals $10 per contract (0.10 × 100 = $10). Therefore, when price quotes move by the minimum tick, the contract profit/loss changes by $10 per contract.
Point value (dollar per $1 price move)
A $1.00 move in the quoted gold price per troy ounce equals a $100 change in the value of one contract (1.00 × 100 oz = $100). This point-value relationship makes it straightforward to translate gold price movement into dollar gains or losses on a per-contract basis.
Example restatement: If the market moves from $1,800 to $1,801, a single COMEX gold futures contract would gain or lose $100 depending on position direction.
Ticker symbols, exchanges and contract months
- Benchmark ticker: GC (COMEX / CME Group) for standard gold futures. Continuous front-month listings are often shown as GC1! or GC1 in data platforms.
- Contract months: Gold futures typically follow quarterly cycle months: February (G), April (J), June (M), August (Q), October (V), and December (Z), with multiple months listed out into the future. Front months (nearest expiries) are usually the most liquid.
- Variants: Micro Gold futures (smaller contract sizes) exist and are increasingly used by retail traders to obtain smaller notional exposure.
When considering "how much is one gold futures contract," always check the exact contract ticker and month because value and liquidity vary by delivery month.
Settlement type
COMEX standard gold futures are physically deliverable under CME Group delivery rules. That means contracts not offset prior to the delivery period can result in the delivery of allocated gold (subject to exchange delivery procedures, quality and location rules). Most traders close or roll positions before the delivery window to avoid physical settlement. There are also cash-settled and OTC products that reference the gold price but settle in cash; those have different mechanics and tax/treatment.
How to compute the notional value (examples)
To answer "how much is one gold futures contract" numerically, use a simple formula:
Notional value = (Quoted price per troy ounce in USD) × 100 troy ounces
Examples:
- Example 1: If gold = $4,600 per troy ounce → one COMEX contract notional ≈ $4,600 × 100 = $460,000.
- Example 2: If gold = $1,800 per troy ounce → one COMEX contract notional ≈ $1,800 × 100 = $180,000.
Impact of price moves (per contract):
- A $0.10 move in the price = $10 change per contract.
- A $1.00 move in the price = $100 change per contract.
- A $10 move in the price = $1,000 change per contract.
These calculations are the practical answer to "how much is one gold futures contract" in dollar terms at any given price.
Margin, leverage and typical costs
Futures are leveraged instruments. When you trade one gold futures contract you control a large notional value with a fraction of that posted as margin. There are two margin concepts to understand:
- Initial margin: the amount required to open a position. Set by the exchange/clearinghouse and adjusted by brokers. This is a performance bond rather than a down payment.
- Maintenance margin: the lower threshold of equity that must be maintained in the account. If your account equity falls below this, the broker issues a margin call.
Margin requirements vary with volatility, contract month and the clearinghouse's risk model. As of 2026-01-17, initial margins on full-size COMEX gold futures can range substantially (tens of thousands of dollars per contract) for professional accounts, while micro contracts have much lower margin requirements. Retail brokers may set different margins based on account type. Always check the current margin table from CME Group and your broker (for example, Bitget) before trading.
Because margin is only a fraction of notional, leverage can magnify both gains and losses. Example: controlling a $180,000 notional with a $6,000 margin implies 30:1 notional leverage; a 1% adverse move ($1,800 on $180,000) would represent a large percentage of posted margin.
Other costs to consider:
- Commissions charged by brokers per side or per contract.
- Exchange and clearing fees embedded in the execution cost.
- Financing or carrying costs (for synthetic positions or margin debt accounts).
- Bid/ask spread and slippage, especially in off-peak hours or less liquid months.
- Potential margin calls which may force liquidation at unfavorable prices.
When asking "how much is one gold futures contract," remember the headline notional is only part of the story — the capital required and potential exposures depend on margin and leverage.
Alternative contracts and instruments
If the headline notional of a standard COMEX gold futures contract is larger than you want, several alternatives exist:
- Micro Gold futures: Smaller contract size (a fraction of the standard contract) designed for smaller account sizes and finer position sizing. These reduce per-contract notional and per-tick dollar exposure.
- Gold options on futures: Options grant rights rather than obligations and can provide defined-risk exposure depending on strategy (premium paid is the max loss for buyers, not for sellers/writers).
- Gold ETFs and ETNs: Exchange-traded funds provide spot-like exposure to gold price movements without futures contract mechanics or delivery obligations. Liquidity and fees differ by product.
- OTC spot/CFD products: Contracts-for-difference and other OTC instruments can provide leveraged exposure but come with counterparty considerations and may differ in settlement and tax treatment.
Each alternative has trade-offs in liquidity, fees, tax treatment, margin, and settlement. For precise comparisons, check product spec sheets and your broker's disclosures (Bitget offers platform access and product details for interested users).
Practical considerations for traders
Rolling and expiration
- Futures contracts expire. Traders who wish to maintain continuous exposure typically roll positions from the front month into a further month before the delivery window. Rollover timing affects realized P&L due to basis changes (the difference between futures and spot prices).
Liquidity
- Front-month contracts (nearest expiry) are the most liquid. Liquidity decreases for distant months, which increases spreads and slippage risk.
Trading hours and overnight risk
- Gold futures trade most of the day and often have extended hours electronic trading. However, liquidity and spreads vary through the 24-hour session; entering large positions during thin hours increases execution risk.
Delivery logistics
- If a position is held into the delivery window, understand the exchange's delivery rules, grade/quality requirements, notice deadlines, and physical delivery logistics. Most speculative traders avoid delivery by closing or rolling positions.
Basis behavior
- Basis (futures price minus spot price) can change due to storage, interest rates, seasonality, and supply/demand. Hedgers and arbitrageurs monitor basis to inform roll and hedge decisions.
Risk management
- Given that a single standard contract can represent hundreds of thousands of dollars in notional, position sizing, stop management, and stress testing are critical. Leverage magnifies risk; always model worst-case moves and margin impacts.
When considering "how much is one gold futures contract," factor in not only the notional but also these operational considerations.
Where to check live prices and contract details
Authoritative sources for live quotes and contract specifications include exchange-provided resources and mainstream market data platforms. For the standard COMEX gold futures (GC), the primary source of contract specs and official margin notices is CME Group. As of 2026-01-17, CME Group provides the definitive contract fact cards and real-time quotes for GC.
Other widely used data platforms and market pages that display live prices, charts and contract tables include financial news and market-data websites, charting platforms, and broker terminals. For execution, trading-level detail and margin requirements, consult your broker platform — for users on Bitget, the Bitget platform and Bitget Wallet provide product, margin and trading information adapted to the platform's offerings.
When you need up-to-the-minute dollar amounts for a given day, multiply the current futures quote by 100 to obtain the contract notional and check margin requirements with CME Group and your broker (Bitget) for precise, current numbers.
Practical examples and quick reference
- Quick calculation: Gold price = $2,000/oz. One GC contract notional = $2,000 × 100 = $200,000.
- Tick math: Price move of $0.10/oz = $10 per contract; price move of $1/oz = $100 per contract.
- Margin example: If initial margin = $6,000 per contract, effective leverage on a $200,000 notional ≈ 33:1 (200,000 / 6,000). This is illustrative; actual margins change and vary by broker.
Answering "how much is one gold futures contract" therefore requires you to know the current quoted price and the contract size (100 oz) — multiply and you have the notional.
See also
- Futures contract
- COMEX / CME Group
- Micro Gold futures
- Gold spot price
- Gold ETFs and ETNs
References (selected authoritative sources used)
- CME Group — Gold Overview & Quotes (contract specifications, features). As of 2026-01-17, CME Group provides official contract fact sheets and margin notices for gold futures.
- Investing.com — Gold futures contract summary (contract size, tick, tick value).
- TradingView — Gold Futures (COMEX) chart and front-month contract information.
- CNBC — Gold COMEX quotes and related market news.
- TradingEconomics — gold price and background on contract size.
- Barchart / Yahoo Finance — market quotes and historical data for gold futures.
(For exact, up-to-the-minute contract specifications, tick value confirmation and current margin requirements, consult CME Group product pages and your broker platform — for trading access and product specifics consider Bitget.)
Final notes and next steps
If your immediate question is "how much is one gold futures contract," remember the practical steps:
- Check the live quoted price per troy ounce for the relevant COMEX (GC) contract.
- Multiply that price by 100 to get the contract notional.
- Calculate tick and point values: $0.10 tick = $10 per contract; $1 move = $100 per contract.
- Review current margin and fee schedules on CME Group and your broker (Bitget) before placing trades.
Want to explore further? Use Bitget’s market tools and charting for live quotes, simulate position sizing with the notional and margin numbers above, and consider micro gold futures or gold ETFs if you prefer smaller exposures. Always verify live specs and margins before trading and ensure you understand the risks of leveraged futures positions.
Explore more Bitget resources to see product specifications, live pricing, and margin requirements tailored to your account type.
