Metal futures cover two different worlds. Gold, silver and platinum are watched as stores of value and hedges against uncertainty, while copper is tied closely to construction and manufacturing. Both kinds trade actively at COMEX and NYMEX, part of CME Group.
What metal futures are
A metal futures contract is a standardized agreement to buy or sell a set quantity of metal of a specified purity at a future date. The standard COMEX gold contract, for example, covers 100 troy ounces. These contracts are physically deliverable, though most traders close or roll their positions before delivery. Your broker will have its own deadlines for doing so.
Who uses them
Hedgers include mining companies locking in sale prices, jewelers and refiners managing inventory costs, and manufacturers that use copper or platinum. Speculators range from large funds to individual traders who take positions on price changes, adding liquidity and carrying the full risk of loss.
The major contracts at a glance
| Contract | Symbol | Exchange | Contract unit | Minimum tick | Tick value |
|---|---|---|---|---|---|
| Gold | GC | COMEX | 100 troy ounces | $0.10 per ounce | $10.00 |
| Micro Gold | MGC | COMEX | 10 troy ounces | $0.10 per ounce | $1.00 |
| Silver | SI | COMEX | 5,000 troy ounces | $0.005 per ounce | $25.00 |
| Copper | HG | COMEX | 25,000 pounds | $0.0005 per pound | $12.50 |
| Platinum | PL | NYMEX | 50 troy ounces | $0.10 per ounce | $5.00 |
Tick value = minimum tick × contract unit.
Specs change
Contract terms are set by the exchange and can be amended. Smaller versions of silver and copper contracts also exist. Confirm current specifications on CME Group before trading.
What moves metal prices
Gold and silver
- Interest rates. Gold pays no interest, so changes in real (inflation-adjusted) interest rates and Federal Reserve policy expectations are closely watched.
- The U.S. dollar. Gold is priced in dollars, and a stronger or weaker dollar can affect demand from buyers using other currencies.
- Inflation data such as the Consumer Price Index.
- Uncertainty. Geopolitical events and financial stress often bring buyers to precious metals, though not every time.
- Silver's dual role. Silver responds to many of the same forces as gold, plus industrial demand.
Copper and platinum
- Industrial activity, manufacturing surveys and construction data, in the U.S. and in major consuming countries.
- Mine supply, including strikes, regulation and disruptions in producing countries.
- Automotive demand for platinum, which is used in catalytic converters.
Trading hours
Many COMEX and NYMEX metal contracts trade on CME Globex nearly 24 hours a day, Sunday evening through Friday afternoon (Central Time), with a short daily break. Activity is often heaviest during overlapping U.S. and European business hours. Confirm the current schedule on CME Group's trading-hours page.
Risks specific to metal futures
- Large contracts. A $1 move in gold equals $100 on one GC contract; a $1 move in silver equals $5,000 on one SI contract.
- Headline risk. Central bank comments and global events can move precious metals sharply overnight.
- Delivery periods. Positions must be closed or rolled before delivery. Learn the calendar in our expiration and rollover guide.
- "Safe haven" is not "safe." Precious metals can fall hard, and leveraged futures magnify those moves.
A worked example: comparing gold and silver
Gold is quoted in dollars per troy ounce. If gold moves $20, one GC contract (100 ounces) changes by $2,000 and one MGC contract (10 ounces) changes by $200.
Silver is also quoted per ounce, but each SI contract covers 5,000 ounces. A 50-cent move in silver (100 ticks of $0.005) equals $2,500 per contract. Copper is quoted per pound: a 5-cent move (100 ticks of $0.0005) on 25,000 pounds equals $1,250.
| Contract | Example move | Value per contract |
|---|---|---|
| GC | $20 per ounce | $2,000 |
| MGC | $20 per ounce | $200 |
| SI | $0.50 per ounce | $2,500 |
| HG | $0.05 per pound | $1,250 |
| PL | $20 per ounce | $1,000 |
The lesson: the same-looking headline move ("gold up $20," "silver up 50 cents") can mean very different dollar amounts depending on the contract. Always translate a price change into dollars per contract before thinking about position size.
Common beginner mistakes
- Choosing silver because the price per ounce looks small. The 5,000-ounce contract makes silver one of the larger dollar risks per tick in the metals complex.
- Assuming gold always rises in a crisis. Sometimes it does; sometimes it falls as investors sell what they can to raise cash.
- Watching only the metal. Gold often reacts to interest rates and the dollar, so studying it in isolation misses much of the story.
- Holding into delivery periods without knowing the broker's deadline to close or roll.
How beginners can study this market
- Compare contract sizes. Work out what a $10 move in gold means for GC versus MGC using the tick value calculator.
- Track the relationships. For a few weeks, note how gold reacts to interest rate news and dollar moves. Our pages on interest rate futures and currency futures explain those markets.
- Paper trade micro gold. It uses the same price as standard gold at one-tenth the size, so it is a common starting point for study. It is still leveraged.
- Record every simulated trade in a trading journal, including why you entered and how you planned to exit.
FuturesSignal.com is an education resource. Nothing on this page is a recommendation to buy or sell any contract.
Before you trade
Futures are leveraged. A small price move can produce a large gain or loss, and losses can exceed the money in your account. This article is general education, not a recommendation to buy or sell any contract.
- Practice in a simulated (paper) account before using real money.
- Decide your maximum loss per trade before you enter, and size positions to it.
- Confirm current contract specifications and margin requirements with the exchange and your broker.
Common questions
How big is a gold futures contract?
The standard COMEX gold contract (GC) covers 100 troy ounces, with a minimum move of $0.10 per ounce, or $10 per contract. Micro Gold (MGC) covers 10 troy ounces, so each tick is $1.
Why do traders call copper an economic indicator?
Copper is used widely in construction, electrical equipment and manufacturing, so changes in its price are often read as a hint about industrial demand. It is one signal among many, not a forecast.
Is silver more volatile than gold?
Silver has historically tended to swing more in percentage terms than gold, partly because it has both investment and industrial demand and a smaller market. With a 5,000-ounce contract, even small price moves are large in dollars.
Sources
- Basics of Futures Trading — U.S. Commodity Futures Trading Commission. www.cftc.gov/LearnAndProtect/AdvisoriesAndArticles/FuturesMarketBasics/index.htm
- Gold Futures, Rulebook Chapter 113 — CME Group (COMEX). www.cmegroup.com/rulebook/COMEX/1a/113.pdf
- Silver Futures, Rulebook Chapter 112 — CME Group (COMEX). www.cmegroup.com/rulebook/COMEX/1a/112.pdf
- Copper Futures, Rulebook Chapter 111 — CME Group (COMEX). www.cmegroup.com/rulebook/COMEX/1a/111.pdf
- Micro Gold Futures, Rulebook Chapter 120 — CME Group (COMEX). www.cmegroup.com/rulebook/COMEX/1a/120.pdf
Last reviewed October 17, 2026. Educational content only; not investment advice. Contract specifications and margins change, so confirm current figures with the exchange and your broker. See our risk disclosure.
