MGC Tick Value — $1.00 Per Tick (Micro Gold: 10 Troy Oz, $0.10/oz Tick Size)
The short answer: The MGC (Micro Gold) tick value is $1.00.
One minimum price move = $0.10 per troy ounce tick size × 10-ounce contract size = $1.00. The full-size GC (Comex Gold) has the same $0.10/oz tick size but controls 100 oz, giving it a tick value of $10.00 — exactly 10 times the MGC.
How MGC tick value is calculated
MGC (Micro Gold) is a precious-metals futures contract, unlike the equity-index micros. The contract spec works like this:
- Contract size: 10 troy ounces of gold
- Tick size: $0.10 per troy ounce (the minimum price move in gold)
Tick value = tick size × contract size = $0.10/oz × 10 oz = $1.00
This spec is exchange-defined, set at MGC's launch as part of the CME micro product expansion, and has not changed. It maintains the CME's 1:10 design: the full-size GC contract controls 100 oz with the same $0.10/oz tick, giving GC a tick value of $10.00. MGC at $1.00 is exactly one-tenth of GC at $10.00.
MGC vs GC: tick value comparison
| Contract | Name | Contract size | Tick size | Tick value | $1/oz gold move |
|---|---|---|---|---|---|
| MGC | Micro Gold | 10 troy oz | $0.10/oz | $1.00 | $10.00 |
| GC | Comex Gold | 100 troy oz | $0.10/oz | $10.00 | $100.00 |
A $1.00/oz move in gold price is worth $10.00 on one MGC contract (10 ticks × $1.00) and $100.00 on one GC contract. Holding 10 MGC contracts provides identical gold exposure to 1 GC contract.
P&L worked examples
Example 1 — small move
Gold rises $5.00 per ounce while you hold 1 MGC long contract.
- $5.00 ÷ $0.10 tick size = 50 ticks
- 50 ticks × $1.00 tick value = $50.00 gross profit
Example 2 — sharp intraday sell-off
Gold drops $30/oz against a long position.
- $30.00 ÷ $0.10 = 300 ticks
- 300 × $1.00 = $300.00 gross loss
Example 3 — multiple contracts
You hold 4 MGC contracts and gold rises $15/oz.
- $15.00 ÷ $0.10 = 150 ticks
- 150 × $1.00 × 4 = $600.00 gross profit
Gold typically moves more per tick in dollar terms than equity-index micros because gold itself is priced at ~$2,000-$3,000+/oz and experiences intraday moves of $5-$40/oz on active sessions. A $20/oz move on one MGC contract is $200, which is significant relative to the intraday margin.
MGC intraday margin — NinjaTrader and Plus500
MGC intraday margins are higher than equity-index micros, reflecting gold's larger per-contract dollar volatility. Current verified figures:
| Broker | MGC intraday margin | As of | Notes |
|---|---|---|---|
| NinjaTrader (Free plan) | $200 | 11/13/2025 | Can be raised in real time; rate stamped on published PDF |
| Plus500 | $125 | 2026-06-03 | Page shows no last-updated date; disclaims real-time accuracy |
Compare: MES intraday margin at NinjaTrader is $50 and MNQ is $100 (as of 11/13/2025). MGC's $200 is 4× MES despite both having a $1.00 tick value, because gold's intraday dollar range per tick is typically larger relative to the contract notional. See the day-trading margins guide for the full multi-broker table.
MGC vs equity-index micros: what the margin difference tells you
Intraday margin is a broker's estimate of the maximum likely adverse intraday move the account needs to cover without a margin call. The fact that NinjaTrader requires $200 for MGC versus $50 for MES reflects that gold's intraday volatility in dollar terms is typically larger per contract than the S&P 500 index micro.
For context: a $200 intraday loss on one MGC contract requires a $20/oz adverse gold move (200 ticks at $1.00). A $50 adverse loss on one MES contract requires a 40-point adverse S&P 500 move (40 ticks at $1.25). Whether $20 in gold or 40 S&P points is more likely on any given day depends on current volatility regimes in both markets.
Per-broker round-trip commission — one MGC contract
| Broker & plan | Per side | Round-trip | Includes exchange fees? | As of |
|---|---|---|---|---|
| NinjaTrader Free (all-in) | $1.20 | $2.40 | Yes | 11/13/2025 |
| Tradovate Free | $0.39 | $0.78 | No | 2026-06 |
| IBKR (Tiered & Fixed, first 1,000/mo) | $0.25 | $0.50 | No | 2026-06 |
NinjaTrader's MGC all-in per-side of $1.20 is higher than its equity-index micro rate of $0.95, because the commodity-futures exchange and clearing fees are different from equity-index fees. At $1.00 tick value, the NinjaTrader Free plan requires a $2.40 round-trip / $1.00 = 2.4 ticks to break even. See the full commissions guide for complete broker detail.
Quick reference: MGC tick value = $1.00. Every $1/oz gold move = 10 ticks = $10.00 per contract. Every $10/oz gold move = $100 per contract.
Drill MGC specs and tick math with flashcards.
Start the micro futures deck →Frequently asked questions
- What is the MGC tick value?
- The MGC tick value is $1.00. Each minimum price move of $0.10 per troy ounce multiplied by the 10-ounce MGC contract size equals $1.00.
- How does MGC tick value compare to GC?
- The GC (full-size gold) tick value is $10.00 per tick, exactly 10 times the MGC tick value of $1.00. GC represents 100 troy ounces versus MGC's 10, and both have the same $0.10/oz tick size.
- What is the MGC intraday margin at NinjaTrader?
- NinjaTrader's MGC intraday margin is $200 per contract as of 11/13/2025. This is notably higher than equity-index micros (MES $50, MNQ $100), reflecting gold's higher per-contract volatility at current gold prices.
- What is the MGC intraday margin at Plus500?
- Plus500's MGC intraday margin is $125 per contract as of 2026-06-03. The Plus500 margins page does not display a last-updated date and disclaims real-time accuracy.
- How much is a $10 gold price move worth on one MGC contract?
- A $10 per ounce move in gold equals 100 ticks ($10 / $0.10 tick size). At $1.00 per tick, that is $100.00 profit or loss per MGC contract.
- How is MGC tick value calculated?
- MGC tick value = tick size x contract size = $0.10 per ounce x 10 ounces = $1.00. The tick size of $0.10/oz means the minimum price fluctuation in gold must equal $0.10 to move the contract's price one tick.
Methodology & sources
MGC spec values are exchange-defined and confirmed via AMP Futures and NinjaTrader contract pages. NinjaTrader intraday margin figures are from the published PDF rate sheet, stamped 11/13/2025. Plus500 margin figures are from us.plus500.com/en/margins, fetched 2026-06-03 (no last-updated date on the page; Plus500 disclaims real-time accuracy). Tradovate and IBKR commission figures from their respective pricing pages, verified 2026-06.
- NinjaTrader Futures Commissions & Intraday Margins (PDF) — NinjaTrader, stamped 11/13/2025
- Plus500 Margin Requirements — Plus500 US, fetched 2026-06-03
- Tradovate Pricing — Tradovate, as of 2026-06
- Interactive Brokers Futures Commissions — IBKR, as of 2026-06