GC futures explained: what moves gold futures, and when
Gold pays no interest and makes nothing. Yet it trades nearly 24 hours a day, because people use it as a place to park money when other things feel uncertain.
At a glance
| Item | GC (COMEX gold) |
|---|---|
| What it is | A futures contract for 100 troy ounces of gold |
| Tick size | $0.10 per ounce |
| One tick is worth | $10.00 ($100 per $1 move) |
| Busiest hours (ET) | About 8:20 am–1:30 pm, plus London's morning |
| What moves it most | Real interest rates, the US dollar, central bank buying, worry |
| Trading hours | Sunday 6 pm to Friday 5 pm ET, daily break 5–6 pm ET |
Check cmegroup.com for current specs.
What moves it
Gold has no earnings. So its price comes from what people would rather hold instead.
- Real interest rates. That's the rate on bonds after inflation. When it rises, holding gold (which pays nothing) looks less attractive. When it falls, gold often looks better.
- The US dollar. Gold is priced in dollars. A stronger dollar often goes with weaker gold, and the reverse. Not always.
- The Fed. FOMC decisions shape rate expectations. Statement 2:00 pm ET, press conference 2:30 pm.
- Inflation and jobs data. CPI and the jobs report, both 8:30 am ET, move rate bets, and gold follows.
- Central bank buying. Some central banks buy gold for their reserves, which adds steady demand.
- Worry. Wars, banking scares and big shocks can send money into gold.
When it's busiest
- London morning (about 3:00–8:00 am ET): London is a huge gold center.
- 8:30 am ET: US data releases.
- About 8:20 am–1:30 pm ET: the main New York session, where most volume trades.
- Asia hours: quieter, but not dead.
CME's hours are set in Chicago time, so they're steady in ET. London's open shifts in ET for a few weeks each spring and fall, when the US and UK change clocks on different dates.
Its personality
- Trends on big themes. When the rate or dollar story is clear, gold can trend for months.
- Sharp on data. CPI and Fed days can give big candles both ways.
- Round numbers matter. Lots of traders watch big round prices.
- Weekend gaps if something major happens while it's closed.
- Several contract months a year. Traders follow the most active one and roll ahead of expiry. Check cmegroup.com for the cycle.
Reading it with our method
Start on the daily chart. Mark the last places price turned around. Gold's big trends make the higher-highs-and-higher-lows check very useful here.
On your entry chart, wait for a candle body to close past a level. Data-day tails often get taken back.
Size from the stop. Example: stop $8 away = 80 ticks × $10 = $800 for one GC. Plan says $80? The micro, MGC, is $80 for the same stop. Use the futures tick value calculator. A math example, not a promise.
Trading spot gold with a forex broker instead? See XAU/USD, which is sized in lots, not contracts.
Common mistakes
- Treating gold as always "safe". It can fall hard, especially when real rates jump.
- Forgetting the dollar. A dollar move can explain a gold move.
- Oversizing. $100 per $1 move adds up fast. Do the math first.
- Holding the old contract into the delivery period.
Questions
How much is one tick on gold futures worth?
For GC, one tick is $0.10 per ounce on 100 ounces, which is $10. A $1 move is $100.
What makes gold go up or down?
Mostly real interest rates, the US dollar, central bank demand and how worried investors feel. No single factor works every time.
Is gold futures the same as XAU/USD?
Both follow gold, but GC is an exchange-traded futures contract with an expiry date. XAU/USD is a spot price offered by brokers, sized in lots.
What time does gold trade most?
Usually from the London morning into the New York session, roughly 3:00 am to 1:30 pm ET.
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