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Spot gold vs gold futures: XAU/USD and GC, side by side

Spot gold and gold futures follow the same metal. They come in different sizes, run on different clocks and cost money in different ways. Here's how to tell them apart and size each one.

Comparison · 6-minute read · Updated 2026-10-21

The short answer

Spot gold, quoted as XAU/USD, is gold priced in dollars per ounce for near-immediate delivery. Retail traders usually trade it through a forex or metals broker. One lot is usually 100 ounces, but brokers differ.

Gold futures trade on CME. The main contract, GC, is 100 ounces. The micro contract, MGC, is 10 ounces. Each contract has an expiry date.

The price moves are close. The sizes, hours and costs are where they differ.

Side by side

Futures specs from CME Group, checked Oct 2026. Check cmegroup.com for current specs, and your broker for spot details.

Spot gold: how it works

You buy or sell a number of ounces through your broker. There's no expiry. If you hold overnight, your broker may charge or pay a small financing amount called a swap. See Swap (rollover).

A math example. You trade 1 ounce of XAU/USD and gold moves $10. That's $10. With 10 ounces, it's $100. Brokers express this as lots, so check what one lot means where you trade.

See XAU/USD for what moves it.

Gold futures: how they work

A futures contract is an agreement on a fixed amount of gold for a set month. See Futures contract.

• GC is 100 ounces. A $1 move in gold is $100 per contract.
• MGC is 10 ounces. A $1 move is $10 per contract.

Traders who want to keep a position roll it to the next contract month before expiry. See Contract rollover.

More: GC futures and MGC futures.

Sizing a trade in each

Here's a math example with the same chart. Your account is $10,000 and you risk 1%, so $100. Your stop is $10 below your entry.

• Spot gold: $100 ÷ $10 = 10 ounces.
• MGC: each contract moves $10 per $1, so a $10 stop is $100. That's 1 contract.
• GC: one contract would risk $1,000 on that stop. That's 10% of the account. Too big for this plan.

A math example, not a promise. Gold can gap past a stop, especially around big news. The futures tick value calculator and the position size calculator do this math for you.

Which fits you?

• You want flexible small sizes and no expiry? Spot gold through a broker fits, if your broker offers it. Watch overnight swap costs.
• You want a central exchange price and fixed contract values? Futures fit. MGC makes small risk possible; GC is large for small accounts.
• You're new to gold? Read gold trading for beginners first, and practice on paper.

Availability depends on where you live. CFDs aren't offered to US retail traders, and not every US broker offers spot metals. Check your broker.

Common mistakes

• Not knowing your lot size. One "lot" of gold differs between brokers.
• Trading GC with a small account. One contract can be far more risk than 1%.
• Forgetting expiry. Futures volume moves to the next month near the end.
• Trading through US news. CPI, the jobs report and Fed days move gold hard. See CPI and FOMC days.

Questions