Guide · 2 min read
Gold futures: how they work, contract size and trading hours
Short answer: A gold futures contract is a standard agreement to buy or sell gold at a set price on a set date. The usual contract covers one hundred troy ounces, trades on an exchange almost around the clock on weekdays, and needs margin. Futures expire, which is the main difference from the XAUUSD quote most retail platforms show.
Published: 24 October 2026.
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The contract
- Size: one hundred ounces for the standard contract, ten for the micro version.
- Tick: the smallest price step, with a fixed dollar value per contract. Read it in the exchange specification.
- Expiry: each contract ends in a given month. Traders close or roll before then.
Margin and risk
Margin is a deposit, not the price of the contract. A move of a few dollars per ounce is a large gain or loss on the full contract. See gold margin and leverage and size the position from your stop with the lot size guide.
Trading hours
Futures trade nearly around the clock on weekdays with a short daily break, and close for the weekend. Liquidity is thickest when London and New York overlap. See gold trading hours and the best time to trade gold. Check the exchange calendar for holidays.
Futures vs the XAUUSD quote
The spot quote has no expiry and your broker sets the costs. Futures have an expiry, a fixed contract and exchange prices. See XAUUSD vs gold futures and CFD, ETF, futures or physical gold.
Before you start
Practise on a demo account first, with the same size you plan to trade. See demo to live gold trading.
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FAQ
What is a gold futures contract?
An agreement to buy or sell a set amount of gold at a set price on a set date. The standard contract on the exchange covers one hundred troy ounces.
How big is a micro gold contract?
A smaller contract exists at ten ounces. Check the exchange and your broker for the current specification.
When do gold futures trade?
Almost around the clock on weekdays, with a short break each day and a weekend close. Check the exchange for the exact times and holidays.
Do gold futures expire?
Yes. Each contract has an expiry month. Traders close or roll to a later month before it, and the roll can shift the price on a chart.
Is margin the same as the cost of the contract?
No. Margin is a deposit that your broker asks for. The gain or loss is on the full contract value, so a small move is a large share of the margin.
Futures or XAUUSD CFD?
Futures are exchange traded with set contracts and expiry. A CFD follows the spot price through a broker with its own spread and swap. Compare the costs for the way you trade.
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The gold day hour by hour, the six forces behind the price and the releases worth a place in your calendar.