A standard COMEX Gold futures quote (symbol GC) is a price in U.S. dollars per troy ounce. One contract represents 100 troy ounces, so multiply the quoted price by 100 to estimate the contract’s notional exposure. The minimum price fluctuation is $0.10 per ounce, worth $10 for one GC contract. Trading ends on the third-last business day of the delivery month, while physical delivery can occur throughout that month. Those rules apply to GC only; other gold futures symbols have different sizes and, in some cases, different settlement and expiry rules.
What a COMEX GC quote represents
GC is CME Globex’s symbol for the standard COMEX Gold futures contract. The quote is not the price of a 100-ounce bar and it is not the cash amount required to open a position. It is a per-troy-ounce futures price used to calculate the value of the contract.
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For example, a displayed quote of $2,400.00 means $2,400 for one troy ounce under the contract’s pricing convention. Because the standard contract unit is 100 troy ounces, the illustrative notional exposure is $240,000:
$2,400.00 per ounce × 100 ounces = $240,000 notional value
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The $2,400 figure is an arithmetic example, not a current or historical market quotation. Notional value is an exposure measure. It is different from initial margin, maintenance margin, commissions, exchange fees and the cash balance a broker may require.
GC contract specifications at a glance
| Item | Standard COMEX Gold futures (GC) |
|---|---|
| Quote unit | U.S. dollars and cents per troy ounce |
| Contract unit | 100 troy ounces |
| Minimum price fluctuation | $0.10 per troy ounce |
| Value of one minimum tick | $10 per contract ($0.10 × 100 ounces) |
| Settlement | Physical delivery |
| Trading termination | Third-last business day of the delivery month |
| Delivery period | From the first business day through the last business day of the delivery month |
| Minimum deliverable-gold fineness | 995, under COMEX Rulebook Chapter 113 |
These are exchange-published specifications from CME Group’s Gold Futures and Options fact card. Exchange specifications and calendars can be amended, so confirm the current product page and calendar before trading or making delivery arrangements.
How to calculate price changes and exposure
Tick value
A tick is the smallest permitted price increment. For GC, a $0.10-per-ounce change multiplied by the 100-ounce contract unit produces a $10 change in the contract’s quoted value:
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$0.10 × 100 = $10 per contract per tick
A two-tick move is $20, a ten-tick move is $100, and so on, before commissions, exchange fees, financing effects or margin changes.
Dollar-per-ounce moves
For any larger move, multiply the per-ounce change by 100. A $1.00 move in the gold quote changes one GC contract’s value by $100. A $25 move changes it by $2,500. The direction depends on whether the position is long or short; the arithmetic describes magnitude, not profit entitlement after costs.
Worked quote example
| Calculation | Result for one GC contract |
|---|---|
| Illustrative quote | $2,400.00 per troy ounce |
| Notional exposure | $2,400.00 × 100 = $240,000 |
| One minimum tick | $0.10 × 100 = $10 |
| $5.00-per-ounce move | $5.00 × 100 = $500 |
The notional amount does not mean a trader pays $240,000 up front. Futures are margined instruments. A broker and clearing firm set account requirements, and those requirements can change with market conditions. A position can therefore gain or lose substantially relative to the cash deposited.
How to read a GC quote screen
- Confirm the symbol. Verify that the instrument is identified as standard COMEX Gold futures and uses GC. Do not apply the 100-ounce calculation to a similarly named gold contract.
- Identify the contract month. Quote screens normally show the product and a delivery-month identifier. The month determines which listing and termination rule applies.
- Read the price as dollars per troy ounce. A number such as 2,400.00 is not the total contract price and is not a quote per gram or per avoirdupois ounce.
- Convert price to exposure. Multiply the quote by 100 to estimate one contract’s notional value. Use the same multiplier when translating a price change into a dollar change.
- Check the minimum increment. For GC, the smallest move is $0.10 per ounce, equivalent to $10 per contract.
- Check the exchange calendar. Locate the exact trading-termination date for the selected delivery month rather than assuming the month’s final calendar day.
- Review your broker’s margin and delivery settings. Margin, liquidation procedures and whether an account may carry a physically deliverable contract are account-specific matters.
Which delivery months are listed?
GC does not list every calendar month indefinitely. CME’s specification describes a tiered listing pattern:
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- 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.
The exact set visible on a trading platform depends on the current listing date. A quote screen may therefore show several nearby months plus selected deferred months. Always use the exchange’s current listing display to verify that a month is active and to avoid reading an old or inactive symbol.
Month selection is part of the quote
Two GC contracts can trade at different prices because they settle in different months. The month is not a cosmetic suffix: it identifies the delivery period, the remaining time to termination and the calendar used to determine the last trading day. Record the full product-and-month identifier when saving a quote or comparing prices.
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Expiration, last trading day and delivery are different events
Trading termination
CME’s standard rule is: Trading terminates on the third last business day of the delivery month.
“Third-last business day” counts exchange business days, not simply the third-last numbered date on a calendar. Weekends and exchange holidays can change the date.
Delivery window
GC is physically delivered. The fact card describes delivery as possible on business days from the first business day through the last business day of the delivery month. Trading termination occurs before that month ends; it is not a statement that delivery occurs on the termination date.
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Why the exact date must be looked up
No single calendar date can be given without the delivery month’s year and the applicable CME holiday schedule. For a specific contract:
- Write down the delivery month and year shown by the quote.
- Open the current CME/COMEX expiration calendar for that contract.
- Find the listed termination or last-trading date for GC.
- Verify the exchange business-day calendar, especially around U.S. holidays.
- Check your broker’s notice, liquidation and delivery cutoffs, which may occur earlier than the exchange’s final trading deadline.
Do not calculate a date by subtracting three ordinary calendar days from the last day of the month. That method can produce the wrong result when weekends or holidays intervene.
What physical delivery means for a GC position
Physical settlement means the contract is designed to result in delivery of qualifying gold rather than an automatic cash payment based solely on the final price. CME’s specification says deliverable gold must assay to a minimum of 995 fineness and places the delivery provisions in COMEX Rulebook Chapter 113.
Most futures participants close, roll or otherwise manage positions before delivery obligations arise. Whether an account is permitted to make or take delivery, how notices are handled and what funds or approved facilities are required are determined by the futures commission merchant and clearing arrangements. Read those rules before holding a physically deliverable contract into its delivery period.
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Notional value, margin and trading costs
Notional value is the contract size multiplied by the quoted price. It is useful for understanding market exposure, but it is not a quoted purchase price or a guarantee of account funding requirements. A broker and clearing firm establish initial and maintenance margin, and those requirements can be revised as volatility, concentration or other risk conditions change.
The $10 tick calculation describes the gross change in one contract’s marked-to-market value. Actual account results also reflect commissions, exchange and clearing fees, possible financing or carrying costs, bid-ask spread and any broker-specific charges. A $10 favorable tick is therefore not necessarily $10 of withdrawable profit.
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Leverage works in both directions. Because the margin deposit is normally much smaller than the $240,000 illustrative notional amount, a relatively small per-ounce move can represent a large percentage change in the funds committed. A trader should calculate exposure from the full 100-ounce unit, not from the margin quote alone.
Closing, rolling and contract-month risk
A position in one delivery month does not automatically become a position in another month. To remain exposed beyond the nearby contract, a participant generally closes the existing month and opens a later listed month, subject to broker procedures and current market conditions. The two months can have different prices, spreads and trading activity.
“Rolling” is therefore a pair of transactions, not an extension of the original expiry date. The price difference between months can affect the result independently of the outright gold move. Record both symbols and months whenever comparing or transferring a position.
As termination approaches, broker policies may require liquidation or prohibit new positions even before the exchange’s third-last-business-day rule. The exchange date is the contract rule; the operational cutoff in an individual account can be earlier.
Do not transfer GC rules to other gold futures
CME lists several separate gold products. Their contract units and settlement rules differ, so the GC multiplier and termination date cannot be reused automatically.
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|---|---|---|---|
| Standard Gold futures | GC | 100 troy ounces | Physically settled; trading terminates on the third-last business day of the delivery month. |
| E-mini Gold futures | QO | 50 troy ounces | Separate smaller contract with its own specifications. |
| E-micro Gold futures | MGC | 10 troy ounces | Separate smaller contract; do not use the GC tick-value calculation without checking its specification. |
| 1-Ounce Gold futures | 1OZ | 1 troy ounce | CME’s 24 July 2026 FAQ says it is cash settled to GC and has a last trading day on the third-last business day of the month before its contract month. |
| Gold Kilo futures | GCK | 1 kilogram | Different contract unit and product specification. |
The symbol must be confirmed before calculating exposure, tick value or expiry. A platform that displays “gold” in a search result may return several of these products.
Common quote-reading mistakes
Mistaking the quote for the purchase price
The per-ounce number is a pricing unit. Multiplying it by the contract unit gives notional exposure, not a required cash payment. Margin and account requirements are separate.
Using ounces without checking the type
GC is specified in troy ounces. A troy ounce is not interchangeable with an ordinary avoirdupois ounce used for many consumer goods. The contract’s unit should control every calculation.
Applying a 100-ounce multiplier to another symbol
QO, MGC, 1OZ and GCK have different contract units. Recheck the product description whenever a quote screen, data feed or order ticket changes symbols.
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Calling the termination date the delivery date
The third-last business day is the trading-termination rule. Delivery is described separately as occurring on business days across the delivery month. Treating those as one event can lead to missed broker deadlines or an unexpected delivery obligation.
Guessing the date from the month name
Business-day counting depends on the year and exchange holiday calendar. Use the current CME calendar for the exact month rather than publishing or relying on a guessed date.
Assuming every listed month is equally liquid
The listing pattern includes nearby months and selected deferred months. Availability on a screen does not by itself establish trading activity, bid-ask conditions or suitability. Those are market and account questions that require current information.
Confusing a contract quote with bullion ownership
A GC position is a standardized futures obligation. It does not mean the account already owns a coin, bar or warehouse receipt. Physical delivery involves exchange and broker procedures that are separate from buying retail bullion.
A practical pre-trade and record-keeping checklist
- Product name says standard COMEX Gold futures and the symbol is GC.
- Quote is displayed in U.S. dollars per troy ounce.
- Contract unit used in calculations is 100 troy ounces.
- Minimum tick is treated as $0.10 per ounce, or $10 per contract.
- Notional value is kept separate from initial and maintenance margin.
- Delivery month and year are recorded with the quote.
- Exact termination date is taken from the current CME/COMEX calendar.
- Physical-delivery terms, including the 995-fineness requirement, are understood.
- Broker instructions for notice, liquidation and delivery are reviewed.
- Any comparison with QO, MGC, 1OZ or GCK uses that product’s own specification.
Access, accounts and operational limits
Futures trading requires an account with a licensed futures broker, such as a futures commission merchant or introducing broker. The broker supplies the order interface and explains its margin, risk-disclosure, position-limit and delivery procedures. Account eligibility and permitted actions vary by jurisdiction and broker.
Before placing an order, establish how the platform labels contract months, how it displays tick value, when it begins liquidating positions approaching delivery and whether it accepts delivery notices. An exchange termination date is a market rule; a broker may impose an earlier operational deadline.
How to interpret a quote in one minute
- See GC and confirm the description is standard COMEX Gold futures.
- Read the number as dollars per troy ounce.
- Multiply by 100 for one contract’s notional exposure.
- Multiply any price move by 100 to convert dollars per ounce into dollars per contract; one $0.10 tick equals $10.
- Read the delivery month from the full contract identifier.
- Look up that month’s third-last business day on the current exchange calendar.
- Keep trading termination separate from the delivery window and from your broker’s internal cutoff.
That workflow answers the three practical questions behind most GC screens: what the number means, how large one contract is and when trading ends.
Source and specification notes
The contract figures and delivery language in this guide come from CME Group’s Gold Futures and Options fact card and related CME product materials, including the 1-Ounce Gold futures FAQ dated 24 July 2026. CME identifies the GC contract’s 100-troy-ounce unit, $0.10 minimum fluctuation, listing pattern, physical-delivery period, third-last-business-day termination rule and 995-fineness standard. Because exchange rules and calendars can change, verify the live specification and the relevant year’s calendar before acting.
Frequently Asked Questions
What does a GC gold futures quote mean?
It is a U.S.-dollar price per troy ounce for the standard COMEX Gold futures contract. It is not the total price of the 100-ounce contract.
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How much gold does one GC contract represent?
One GC contract represents 100 troy ounces.
What is one GC tick worth?
The minimum move is $0.10 per troy ounce. Multiplied by 100 ounces, one minimum tick changes the contract value by $10 before fees and other account effects.
When does a COMEX GC contract stop trading?
Trading terminates on the third-last business day of the delivery month. The exact date depends on the year’s exchange business-day and holiday calendar.
Is the last trading day the delivery date?
No. GC is physically delivered, with delivery possible on business days from the first through the last business day of the delivery month. Trading termination and the delivery window are separate.
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1Scan for outdated or missing drivers - takes under a minute2Clear out junk files and repair common Windows errors3Fix the driver behind crashes, sound loss and screen glitchesHow do I calculate a GC contract’s notional value?
Multiply the quoted dollars-per-troy-ounce price by 100. At an illustrative $2,400 quote, the notional value is $240,000.
Can I use GC’s 100-ounce math for MGC or QO?
No. QO represents 50 troy ounces and MGC 10 troy ounces. Each symbol has its own contract specifications; 1OZ and GCK differ as well.
What is special about 1OZ Gold futures?
CME’s 24 July 2026 FAQ describes 1OZ as a separate one-troy-ounce contract cash settled to GC. Its last trading day is the third-last business day of the month before its contract month.
What fineness must deliverable GC gold meet?
CME’s specification states that gold delivered under the contract must assay to a minimum of 995 fineness, with delivery provisions in COMEX Rulebook Chapter 113.
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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 matchDo I need a special account to trade GC?
Trading requires an account with a licensed futures broker, such as a futures commission merchant or introducing broker. The broker determines eligibility, margin, liquidation and delivery procedures.
The Bottom Line
Read GC as U.S. dollars per troy ounce, multiply by 100 for contract exposure, and treat each $0.10 move as $10 per contract. Confirm the delivery month and use the current CME calendar for the third-last-business-day trading termination date. Keep that date separate from the physical-delivery window and from any earlier broker cutoff, and never transfer GC rules to another gold symbol without checking its specifications.
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