Learn · Gold futures
Gold futures vs spot gold (XAUUSD): what is actually different
Gold futures charts and XAUUSD charts look alike but are different instruments. Knowing why they diverge stops you importing the wrong levels, sizes and session assumptions into practice.
By the NQ Replay team · Updated
Short answer
Gold futures (GC, MGC) are standardised exchange contracts on COMEX with a fixed size, a delivery month and centrally reported volume. Spot gold trades over the counter between counterparties, and a retail "XAUUSD" quote comes from your broker or dealer. Futures prices usually sit above spot by the cost of carry, so the two charts print different numbers at the same moment.
Side-by-side comparison
| Gold futures (GC / MGC) | Spot gold / XAUUSD | |
|---|---|---|
| Where it trades | COMEX, on CME Globex — an exchange with central clearing | Over the counter (e.g. the Loco London market) or via a broker's own pricing |
| Unit | GC 100 troy oz; MGC 10 troy oz | Quoted per ounce; position size set by the dealer or broker |
| Price increment | $0.10/oz: $10 per GC tick, $1 per MGC tick | Set by the provider; often finer than $0.10 |
| Expiry | Yes — listed delivery months; positions must be closed or rolled | No expiry; brokers may apply overnight financing instead |
| Price level | Spot plus carry for the delivery month | Spot |
| Hours | Sun–Fri 6:00 p.m.–5:00 p.m. ET, daily break at 5:00 p.m. ET | Depends on the venue or broker |
| Volume on the chart | Exchange-reported contracts traded | Often the provider's tick count, not market-wide volume |
The basis: why the numbers differ
A futures contract prices gold for delivery in a future month. Holding physical gold until then costs money — financing in particular — so a later month normally trades above spot and above nearer months. That difference is the basis, and it narrows as delivery approaches.
You can see the carry between two futures months at a roll. When the replay archive switched from the August to the December GC contract, December's first open on July 29, 2026 was $55.2 per ounce above August's last close the session before — a gap that mixes four months of carry with the normal overnight move. The gap to spot behaves the same way, which is why an XAUUSD level and a GC level for the same day rarely match.
What this means if you practise on GC or MGC
- Draw levels on the futures chart; do not copy numbers from a spot or CFD chart.
- Size in ticks and contracts, using the exchange tick values — see the gold futures calculator.
- Expect a jump on roll days in a continuous futures chart. Rollover explains how to handle it.
- Volume on a futures chart is exchange volume, so hour-by-hour activity (see GC volume by hour) is measurable in a way broker tick counts are not.
NQ Replay covers COMEX GC and MGC on Pro and Pro+, using 2026 1-minute data. It does not include spot gold, CFDs or forex pairs.
Frequently asked questions
Is XAUUSD the same as gold futures?
No. XAUUSD is a spot or broker-quoted price for one ounce of gold against the US dollar. GC and MGC are exchange-listed futures contracts with fixed sizes and delivery months, traded on COMEX.
Why is the gold futures price higher than spot?
A futures price for a later month usually includes the cost of carrying gold until delivery — mainly financing. The gap shrinks as the contract approaches delivery.
Can I use XAUUSD levels on a GC chart?
Not directly. The basis between spot and futures means the same moment prints at different prices. Redraw levels on the futures chart itself.
Does NQ Replay support spot gold or XAUUSD?
No. The simulator supports COMEX GC and MGC futures (Pro and Pro+), plus NQ and MNQ. It has no spot gold, CFD or forex data.
Sources
- CME Group — Gold (GC) futures contract specifications
- CME Group — Micro Gold (MGC) futures contract specifications
- LBMA — About the Loco London precious metals market (OTC)
- NQ Replay 1-minute archive (GC, MGC, NQ, MNQ), measured October 23, 2026. Measurements describe past sessions only.