GC (Gold Futures)
COMEX gold futures. 100 troy ounces per contract, $0.10/oz tick ($10/tick). Physically deliverable at approved COMEX vaults.
Formula
P&L = (Exit − Entry) × $100 [in $/oz terms]
GC is the benchmark gold futures contract on COMEX (CME Group). It represents 100 troy ounces of gold meeting COMEX delivery specifications.
- Contract size: 100 troy ounces
- Tick size: $0.10/oz → $10/tick
- Point value: $100/oz move = $10,000/contract
- Settlement: Physical delivery at approved COMEX vaults
- Micro equivalent: MGC (10 oz, $1/tick)
GC serves as the global benchmark for gold pricing. It is sensitive to real interest rates, USD strength, inflation expectations, and safe-haven flows. Options on GC are also actively traded.
Example
GC at $2,400/oz. Notional = 100 × $2,400 = $240,000/contract. A $10/oz move = $1,000. A typical daily range of $20 = $2,000/contract. MGC at the same price: same $10 move = $100.
Related Terms
CL (Crude Oil Futures)
NYMEX futures on West Texas Intermediate crude oil. 1,000 barrels per contract, $0.01/barrel tick, physically delivered at Cushing, Oklahoma.
IntermediateFirst Notice Day
The first date on which a futures contract seller can issue a delivery notice for physical settlement; long holders must exit before this date.
IntermediateTick Value
The dollar P&L impact of one minimum price move in a futures contract. Tick Size × Contract Multiplier.
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