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Outbyte PC Repair FREEClear out junk files and repair common Windows errorsFree Scan →Outbyte Driver Updater FREEFix the driver behind crashes, sound loss and screen glitchesFind Drivers →A standard COMEX Gold futures quote (symbol GC) is a price in U.S. dollars per troy ounce. One GC contract represents 100 troy ounces, so a $0.10-per-ounce minimum tick changes the contract’s quoted value by $10. The contract month identifies when delivery is scheduled, while trading normally ends on the third-last business day of that delivery month. Delivery itself can occur from the first business day through the last business day of the month, so the last trading day and the delivery period are not the same thing.
The calculations below apply specifically to standard GC futures. Smaller or differently settled gold contracts use different units and, in some cases, different termination rules.
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GC quote basics at a glance
Start by identifying the product before doing any arithmetic. CME Globex uses GC for the standard COMEX Gold futures contract. The quote is not the price of an entire contract; it is the price for one troy ounce.
| Item | Standard GC term | What it means |
|---|---|---|
| Symbol | GC | Standard COMEX Gold futures on CME Globex |
| Quote unit | U.S. dollars and cents per troy ounce | The displayed number is an ounce price |
| Contract size | 100 troy ounces | One contract gives exposure to 100 ounces |
| Minimum price fluctuation | $0.10 per troy ounce | The smallest quoted move |
| Value of one minimum tick | $10 per contract | $0.10 × 100 ounces |
| Trading termination | Third-last business day of the delivery month | The exact date depends on that month’s exchange calendar |
| Settlement context | Physical delivery | Delivery is available during the delivery month, subject to exchange rules |
These are exchange-published contract terms, not a current market quote, account-balance requirement or margin recommendation.
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How to read a GC quote step by step
1. Confirm the symbol and product description
Look for GC and a description identifying standard Gold futures. Do not assume every gold symbol has the same size or expiration rule. Platforms may display the delivery month and year beside the symbol, in a contract selector or in a separate product field. If the symbol is QO, MGC, GCK or 1OZ, stop and use that product’s own specifications instead of applying GC arithmetic.
2. Read the number as dollars per troy ounce
A quote such as $2,400.00 means $2,400 for one troy ounce in the quoted futures contract. It does not mean that one contract costs $2,400. Futures quotes use a price unit; the contract multiplier converts that price into exposure for the entire contract.
3. Multiply by 100 to estimate notional exposure
For GC, multiply the per-ounce quote by 100 troy ounces. At the illustrative quote of $2,400.00, the calculation is:
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$2,400.00 × 100 ounces = $240,000 of notional exposure.
Notional exposure is the value represented by the contract at that price. It is not the amount you should assume will be debited as cash, and it is not the initial margin. Margin is set by the clearing system and broker and can change; no fixed margin amount is established by the contract-size calculation.
4. Convert a price move into contract value
Multiply any per-ounce move by 100. A $1.00 rise or fall changes the quoted value of one GC contract by $100 before commissions, fees, daily settlement effects and margin changes. The minimum $0.10 move is therefore worth $10:
- $0.10 × 100 ounces = $10 per contract
- $0.50 × 100 ounces = $50 per contract
- $1.00 × 100 ounces = $100 per contract
- $12.35 × 100 ounces = $1,235 per contract
The same multiplication works in either direction. A $1.00 decline represents a $100 decrease in the contract’s quoted value before other account effects.
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One free scan finds every outdated or missing driver and matches the right update for your exact hardware.Free scan · exact hardware match5. Identify the delivery month
Every futures quote refers to a particular contract month. Read the month and year shown by your trading platform rather than relying on the front-month label alone. “Front month” can change as the calendar advances, while the contract month attached to an order remains the specific month selected. Write down the month and year before checking the termination date.
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Which GC delivery months are listed?
GC does not list every month for the same length of time. The exchange listing pattern described in the Gold Futures specifications is:
- The current calendar month and the next two calendar months.
- February, April, August and October contracts within a 23-month period.
- June and December contracts within a 72-month period beginning with the current month.
That pattern explains why a month visible on one date may not be visible later, and why distant months are concentrated in particular calendar months. The exact set of tradable symbols is the current listing display, so verify it when selecting an order. Listing availability is separate from whether a contract is liquid, suitable for your account or close to its termination date.
Expiration, trading termination and delivery are different dates
Trading termination
The GC fact card labels the relevant field “TERMINATION/EXPIRATION” and states: Trading terminates on the third last business day of the delivery month.
In practical terms, count business days using the exchange’s holiday calendar; do not simply subtract three calendar days from the last day of the month. A weekend or exchange holiday can change the calendar date.
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GC is physically delivered. Delivery can take place on business days from the first business day through the last business day of the delivery month. Therefore, the third-last business day is the end of trading under the stated rule, not a claim that physical delivery occurs on that exact date. Delivery procedures, notices and obligations are governed by the exchange rules and the account relationship with a licensed futures broker.
Why you should not guess the date
No single calendar date can be supplied without the contract year and the applicable exchange holiday schedule. A month name by itself is insufficient. Use the current CME expiration calendar for the exact contract month, and confirm that the date applies to standard GC rather than another gold product. Contract specifications and calendars can change, so recheck them before placing an order or holding a position near termination.
Physical settlement and the gold standard behind GC
Unlike a cash-settled product, standard GC has a physical-delivery framework. The cited COMEX specification says deliverable gold must assay to a minimum of 995 fineness and identifies COMEX Rulebook Chapter 113. This describes the quality threshold for gold eligible under the contract; it does not mean a retail trader automatically receives a bar simply by viewing a quote.
Whether an account can make or take delivery depends on broker permissions, clearing arrangements, notices and the account holder’s obligations. A reader who does not intend to handle delivery should learn the broker’s position-management deadlines well before the listed termination date. Those operational details are not substitutes for the exchange’s current rules or individualized professional advice.
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Assume a screen displays GC at an illustrative $2,400.00 per troy ounce. This number is for arithmetic, not a statement about a current or historical market price.
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- Read the quote unit: $2,400.00 for one troy ounce.
- Apply the contract multiplier: 100 ounces × $2,400.00 = $240,000 notional exposure.
- Apply a one-tick move: $0.10 × 100 ounces = $10 per contract.
- Apply a larger move: a move from $2,400.00 to $2,425.00 is $25.00 per ounce; $25.00 × 100 = $2,500 before fees and other account effects.
The example demonstrates unit conversion. It does not tell you how much margin a broker will require, whether an order will fill at either displayed price or what a final settlement value will be.
GC compared with other gold futures symbols
Gold products that look similar on a quote screen can represent very different amounts of metal. The following distinctions come from CME’s product comparison and the separate 1-Ounce Gold FAQ.
| Product | Symbol | Contract unit | Settlement or termination distinction |
|---|---|---|---|
| Standard Gold futures | GC | 100 troy ounces | Physically delivered; trading terminates on the third-last business day of the delivery month |
| E-mini Gold futures | QO | 50 troy ounces | Separate smaller contract; the GC multiplier should not be used |
| E-micro Gold futures | MGC | 10 troy ounces | Separate smaller contract; confirm its own current specifications |
| 1-Ounce Gold futures | 1OZ | 1 troy ounce | CME’s FAQ describes it as cash settled to GC; last trading day is the third-last business day of the month before its contract month |
| Gold Kilo futures | GCK | 1 kilogram | Separate contract unit; do not convert it with the 100-ounce GC multiplier |
Tick sizes and tick values for the other products are not stated in the specifications summarized here. Obtain the current fact card for the exact symbol before calculating their price exposure. Even when two products reference gold, their contract units, settlement method and termination dates may differ.
A practical workflow for reading any GC quote
- Check the product: confirm the symbol is GC and the venue description is standard Gold futures.
- Record the month and year: use the contract identifier shown on the quote or order ticket.
- Read the unit: interpret the displayed number as U.S. dollars per troy ounce.
- Calculate notional exposure: multiply the quote by 100.
- Calculate price sensitivity: multiply the expected per-ounce move by 100; remember that $0.10 equals $10 per contract.
- Check the termination rule: find the third-last business day of that delivery month on the current exchange calendar.
- Separate trading from delivery: remember that physical delivery is described as running from the first business day through the last business day of the month.
- Verify account arrangements: futures trading requires an account with a licensed futures broker, such as a futures commission merchant or introducing broker, according to CME’s 1-Ounce Gold FAQ.
Common reading mistakes and how to correct them
Mistake: treating the quote as the contract’s total price
Why it fails: the quote is per ounce. Correction: multiply by 100 for GC notional exposure.
Mistake: using $0.10 as a $0.10 contract move
Why it fails: $0.10 is the move per ounce. Correction: multiply by 100; one minimum tick is $10 per GC contract.
Mistake: confusing notional value with margin
Why it fails: the contract multiplier describes exposure, not the broker’s cash requirement. Correction: obtain current initial and maintenance margin figures from the broker and clearing information for the specific account.
Mistake: assuming every gold symbol is a 100-ounce contract
Why it fails: QO, MGC, 1OZ and GCK have different units or settlement characteristics. Correction: verify the symbol before applying any formula.
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Mistake: calling the delivery date the expiration date
Why it fails: GC trading ends on the stated third-last business day, while delivery can continue through the month. Correction: use “last trading day” or “trading termination” for the exchange date and discuss delivery separately.
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Mistake: calculating the date from the month name alone
Why it fails: business-day counting and holidays vary by year. Correction: use the current CME expiration calendar for the selected contract month.
Independent reader supportYour contribution helps us test, update, and keep practical guides available for everyone.What to verify before placing or holding a GC position
- The order ticket shows GC, not a smaller or cash-settled gold symbol.
- The quoted price is labeled in dollars per troy ounce.
- The 100-ounce multiplier and $10 minimum-tick value are appropriate for the selected product.
- The contract month and year match the intended exposure.
- The current exchange calendar confirms the third-last-business-day termination date.
- You understand the physical-delivery framework, including the first-business-day-to-last-business-day delivery period.
- Your licensed futures broker has explained margin, notices, position limits and any deadlines that apply to your account.
Costs, account requirements and operational checks
The quote-to-notional calculation is only one part of the cost picture. A futures account can also incur commissions, exchange and clearing fees, market-data charges, bid-ask spread and any broker-specific technology or service fees. None of those items is encoded in the $2,400 example or in the $10 tick value. Ask the licensed futures broker for an all-in fee schedule and for the current initial and maintenance margin for the exact GC month.
Futures are marked to market through daily settlement. A favorable or unfavorable price move can therefore change available funds even though the contract’s notional value remains a calculation based on price times 100 ounces. A broker may raise its house margin above the clearing requirement, and requirements can change as volatility or delivery conditions change. Treat the displayed buying-power figure as account-specific, not as a property of the GC contract itself.
Before trading, confirm that the account is approved for futures, that the broker can accept delivery notices if applicable, and that you know the broker’s liquidation or roll deadlines. Rolling means closing one delivery month and opening another; it does not change the original contract’s termination date. A quote labeled “continuous” or “front month” may combine successive contracts for charting, so use the actual month code on the order ticket for a position.
Reading a contract identifier and checking a calendar
Most platforms append a month code and two-digit or four-digit year to GC. The exact typography varies by vendor, but the month-year portion identifies the delivery month. Do not infer that a symbol ending in a nearby month is still the same contract after a roll. Open the contract details page, verify the unit is 100 troy ounces, and then open CME’s current expiration calendar for that month and year.
When checking the calendar, look for the exchange’s stated last trading or termination date, not merely a generic “expiration” label supplied by a charting application. Confirm the holiday calendar used by the exchange. If the platform and CME calendar disagree, pause and ask the broker which contract specification governs the order.
Key terms in plain language
- Contract month
- The named month in which the futures contract’s delivery obligations are scheduled.
- Notional value
- The market value represented by the contract multiplier and quoted price; for GC, quote × 100 ounces.
- Tick
- The smallest permitted price increment. GC’s minimum is $0.10 per troy ounce.
- Tick value
- The contract-value change caused by one minimum tick. For GC, it is $10.
- Trading termination
- The exchange-defined point after which trading in that delivery month ends; for GC, the third-last business day of the delivery month.
- Physical delivery
- A settlement framework in which eligible gold can be delivered under exchange rules, rather than settling only in cash.
CME Group’s Gold Futures and Options fact card states that gold delivered under the contract must assay to a minimum of 995 fineness. The same fact card supplies the 100-ounce unit, $0.10 minimum fluctuation, listing pattern and trading-termination rule. CME’s 1-Ounce Gold FAQ, dated July 24, 2026, is a useful warning that a different symbol can have a different settlement method and a different last-trading-day rule.
Frequently Asked Questions
What does one GC quote represent?
It represents a price in U.S. dollars and cents for one troy ounce of gold in the standard COMEX Gold futures contract. Multiply that quote by 100 to estimate the contract’s notional exposure.
How much is one tick in GC?
The minimum fluctuation is $0.10 per troy ounce. Because GC represents 100 ounces, one minimum tick changes the contract’s quoted value by $10 before fees, settlement effects and margin changes.
Is $2,400 the amount needed to buy one GC contract?
No. At $2,400 per ounce, the contract represents $240,000 of notional exposure. The cash required is determined by current clearing and broker margin rules, which are separate from the contract multiplier.
When does a standard GC contract expire?
CME’s Gold Futures specification says trading terminates on the third-last business day of the delivery month. The exact calendar date depends on the year’s exchange holidays, so check CME’s current calendar for the selected month.
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Does trading termination mean the gold is delivered that day?
No. GC is physically delivered, and delivery can occur on business days from the first business day through the last business day of the delivery month. Trading termination is the end of trading, not a guaranteed delivery date.
Can I use GC’s 100-ounce formula for MGC, QO, 1OZ or GCK?
No. QO represents 50 troy ounces, MGC 10 troy ounces, 1OZ one troy ounce and GCK one kilogram. The 1OZ FAQ also describes cash settlement and a different last-trading-day rule. Confirm the exact product before calculating exposure.
What gold quality is deliverable under GC?
The COMEX specification states that gold delivered under the contract must assay to a minimum of 995 fineness. Delivery eligibility and procedures are governed by exchange rules and the broker’s clearing arrangements.
What account do I need to trade GC?
CME states that futures trading requires an account with a licensed futures broker, such as a futures commission merchant or introducing broker. The broker must explain approval, margin, fees, notices and any position-management deadlines.
The Bottom Line
Read GC as a per-troy-ounce price, multiply by 100 for notional exposure, and multiply every price move by 100 to get contract-value impact. Then identify the exact delivery month and verify its third-last-business-day trading termination on CME’s current calendar. Keep that date separate from the physical-delivery period, and never transfer GC’s math or expiry rule to another gold symbol without checking its own specification.
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