MCX Gold Contracts 2026: Standard, Mini, Guinea & Petal Guide
MCX Gold at ₹1,41,398/10g · 2026-07-21 00:17 IST · Updated on every deploy
MCX offers four gold contracts — all tracking the same underlying price, differing only in lot size and who they suit. From the 1-gram Gold Petal to the 1-kg Gold Standard, each fills a different capital and use-case bracket. The table below compares all four at today's MCX Gold price of ₹1,41,398/10g.
| Contract | Lot Size | Quoted | Tick Size | P&L / tick | Contract Value* | Total Margin* | Best for |
|---|---|---|---|---|---|---|---|
| Gold | 1 kg (1,000g) | ₹/10g | ₹1 | ₹100/lot | ₹1.41 crore | ₹7.1 lakh – ₹12.0 lakh | Institutions, large traders |
| Gold Mini | 100 g | ₹/10g | ₹1 | ₹10/lot | ₹14.1 lakh | ₹71,000 – ₹1.2 lakh | Most retail traders ★ |
| Gold Guinea | 8 g | ₹/8g | ₹1 | ₹0.8/lot | ₹1.1 lakh | ₹6,000 – ₹10,000 | Small capital, jewellers |
| Gold Petal | 1 g | ₹/g | ₹1 | ₹0.1/lot | ₹14,140 | ₹1,000 – ₹1,000 | Micro hedging only |
* At 2026-07-21 00:17 IST MCX Gold price of ₹1,41,398/10g. Total margin indicative at 5–8.5% of contract value; actual set by MCX and your broker daily.
- Gold Standard (1 kg) = ₹1.41 crore contract value · margin ≈ ₹7.1 lakh – ₹12.0 lakh
- Gold Mini (100g) = ₹14.1 lakh contract value · margin ≈ ₹71,000 – ₹1.2 lakh
- Gold Guinea (8g) = ₹1.1 lakh contract value · margin ≈ ₹6,000 – ₹10,000
- Gold Petal (1g) = ₹14,140 contract value · margin ≈ ₹1,000 – ₹1,000
MCX Gold Standard (1 kg)
The Gold Standard is MCX's flagship contract and the benchmark for Indian gold price discovery. At ₹1,41,398/10g, one lot controls ₹1.41 crore of gold — equivalent to 1 kilogram of physical 995-purity gold. It accounts for the bulk of MCX gold's open interest and volume, driven by large traders, proprietary desks, and institutions.
- Contract value: ₹1.41 crore
- Total margin: ₹7.1 lakh – ₹12.0 lakh
- P&L per ₹1 move: ₹100 per lot (₹1/10g × 100 units)
- P&L per ₹1,000 move: ₹1,00,000 per lot
- Expiry: 5th of the contract month
- Delivery: 995 purity, MCX-accredited vaults
A ₹1,000/10g adverse move — not unusual in a single session when COMEX gold moves 0.7%+ — costs ₹1,00,000 on a standard lot. Retail traders often underestimate how quickly losses compound at this size. Only use the Standard contract if you have at least 2× the minimum margin in available capital.
MCX Gold Mini (100g) — the retail standard
Gold Mini is the most actively traded MCX gold contract by number of retail participants. Its 100-gram lot size means a contract value of ₹14.1 lakh at current prices — one-tenth of the Standard, with proportionally lower margin and P&L per move.
- Contract value: ₹14.1 lakh
- Total margin: ₹71,000 – ₹1.2 lakh
- P&L per ₹1 move: ₹10 per lot
- P&L per ₹1,000 move: ₹10,000 per lot
- Expiry: 5th of the contract month (same as Standard)
- Liquidity: Very high — tighter spreads than Guinea/Petal
Gold Mini and Gold Standard expire on the same date and track prices in lockstep. The only meaningful difference is size. A trader with ₹5 lakh in their commodity account can comfortably trade 3–4 Gold Mini lots while maintaining a 30% margin buffer — versus being limited to less than 1 Standard lot.
Contract value = ₹1,41,398 × 10 = ₹14.1 lakh
Margin (at ~7%) = ₹98,979
Gold rises ₹2,000/10g → Profit = ₹2,000 × 10 = +₹20,000
Gold falls ₹2,000/10g → Loss = ₹2,000 × 10 = −₹20,000
(₹2,000 move = 1.4% of current price)
MCX Gold Guinea (8g)
Gold Guinea is an 8-gram contract — a nod to the traditional gold coin denomination. At current prices, one lot controls ₹1.1 lakh of gold and requires only approximately ₹6,000 – ₹10,000 in total margin. It is primarily used by small jewellers hedging specific customer orders rather than by active traders.
- Lot size: 8 grams (quoted in ₹ per 8g, not per 10g)
- Contract value: ₹1.1 lakh
- Total margin: ₹6,000 – ₹10,000
- P&L per ₹1 move: ₹0.8 per lot
- Expiry: Last working day of the month — different from Standard/Mini
- Liquidity: Low — wider bid-ask spreads than Mini
The Guinea's different expiry date (last day of month vs. 5th for Standard/Mini) is a critical operational detail. Traders who mix Standard and Guinea positions must track two separate expiry calendars. For this reason, Guinea is not recommended for active traders — its low liquidity also means wider spreads that eat into profits on every entry and exit.
MCX Gold Petal (1g)
Gold Petal is MCX's micro contract — a single gram of gold. At ₹1,41,398/10g, the Petal's contract value is ₹14,140 and margin is approximately ₹1,000 – ₹1,000. Its P&L is ₹0.1 per tick — meaning even a ₹1,000/10g gold move earns or loses only ₹100.
Jeweller micro-hedging: A jeweller with a 10g customer order can sell 10 Petal lots to hedge the exact quantity — without tying up capital in a full Mini lot (100g).
Not for trading: The Petal's absolute P&L is too small for meaningful active trading. The bid-ask spread on the Petal is often ₹5–10/lot, which as a percentage of P&L per move is disproportionately large. Use Gold Mini for trading; use Petal only when you need 1g precision hedging.
MCX Gold expiry dates — what you need to know
Expiry dates differ between the two groups of gold contracts. Missing these can result in forced delivery or missed rollovers.
| Contract | Expiry rule | Typical example | What happens at expiry |
|---|---|---|---|
| Gold Standard | 5th of month (or prior working day) | Aug contract: 5 Aug 2026 | Physical delivery of 1 kg 995 purity gold, or auto square-off |
| Gold Mini | 5th of month (or prior working day) | Aug contract: 5 Aug 2026 | Physical delivery of 100g, or auto square-off |
| Gold Guinea | Last working day of month | Jul contract: 31 Jul 2026 | Physical delivery of 8g, or auto square-off |
| Gold Petal | Last working day of month | Jul contract: 31 Jul 2026 | Physical delivery of 1g, or auto square-off |
Most retail traders square off 3–5 days before expiry to avoid the delivery process and the widened spreads that appear as open interest unwinds. If you want to roll to the next month, do so 5–7 days before expiry when the next contract's liquidity is high enough for a clean entry.
Which MCX gold contract should you trade?
| Profile | Recommended contract | Why |
|---|---|---|
| Capital under ₹2 lakh | Gold Mini (1 lot) | Margin ≈ ₹71,000 – ₹1.2 lakh; good liquidity; same price as Standard |
| Capital ₹2–10 lakh | Gold Mini (2–4 lots) | Scale with manageable margin; avoid overexposure |
| Capital above ₹10 lakh | Gold Standard or Gold Mini | Standard reduces number of contracts to manage; Mini offers more granular sizing |
| Jeweller hedging 100g+ orders | Gold Mini | Exact lot-size match; high liquidity for clean entry/exit |
| Jeweller hedging sub-10g orders | Gold Guinea or Petal | Smaller lot sizes for precise exposure matching |
| Beginners learning gold trading | Gold Mini (1 lot, paper first) | Start with simulator if your broker offers one; then 1 lot live with 2× margin buffer |
Physical delivery on MCX Gold
Physical delivery is available on all four gold contracts but is compulsory only if you hold an open position at expiry without squaring off. Here's how it works:
- Intention to deliver: Both buyer and seller must file delivery intentions with MCX via their broker 2–3 days before expiry.
- Delivery unit: 995 purity LBMA-approved gold bars in standard vault locations (Ahmedabad, Mumbai, Delhi).
- Payment: Full contract value (not just margin) is required for physical settlement by the buyer.
- Additional costs: Vault storage charges, assay fees, and GST on the physical gold value.
- KYC requirement: Broker requires commodity-specific KYC for delivery — different from standard trading activation.
For retail traders: Almost no retail participant takes physical delivery. Square off your position at least 3 trading days before expiry — earlier if possible. If you accidentally hold to expiry, contact your broker immediately; penalties for non-delivery are significant.
MCX Gold vs NSE Gold Futures — a quick note
NSE launched gold futures in 2026, offering an alternative for traders with existing equity demat accounts. For now, MCX Gold is the more liquid choice for active trading — its decades-old market depth means tighter bid-ask spreads and easier large-lot execution. NSE Gold also trades only until 5 PM IST, missing the crucial evening session when US markets move. For most traders in 2026, MCX Gold remains the clear default.
Frequently asked questions
What is MCX Gold Mini lot size?
MCX Gold Mini lot size is 100 grams (0.1 kg), quoted in ₹ per 10 grams. It is one-tenth the size of the standard Gold contract (1 kg). At mid-2026 prices (~₹1,49,000/10g), one Gold Mini lot has a contract value of approximately ₹14.9 lakh, requiring a total margin of ₹75,000–₹1.27 lakh. Gold Mini is the most popular MCX gold contract for retail traders.
What is the difference between MCX Gold Standard and Gold Mini?
MCX Gold Standard (1 kg) and Gold Mini (100g) track the same price and expire on the same date (5th of the contract month). The only difference is lot size: Standard = 1,000g (contract value ~₹1.49 crore, margin ~₹7.5–12.7 lakh); Mini = 100g (contract value ~₹14.9 lakh, margin ~₹75,000–₹1.27 lakh). For retail traders, Gold Mini is far more accessible. Gold Standard suits institutions and traders managing large gold inventories.
What is MCX Gold Guinea contract?
MCX Gold Guinea is a 8-gram gold futures contract, quoted in ₹ per 8 grams. It is designed for very small capital participants and jewellers hedging small customer orders. At current prices, one Gold Guinea lot has a contract value around ₹1.19 lakh and requires approximately ₹6,000–₹10,000 in margin. Unlike Gold Standard and Mini (which expire on the 5th of the month), Gold Guinea expires on the last day of the contract month.
What is MCX Gold Petal?
MCX Gold Petal is a 1-gram gold futures contract — the smallest MCX gold contract available. Quoted in ₹ per gram, one Petal lot at current prices has a contract value of approximately ₹14,900 and requires only ₹750–₹1,300 in margin. It is used almost exclusively by very small jewellers for micro-hedging specific customer orders. Its absolute P&L is tiny (₹0.10 per tick), making it impractical for active trading.
When does MCX Gold expire?
MCX Gold Standard and Gold Mini expire on the 5th day of the contract month (or the nearest preceding trading day if the 5th is a holiday). MCX Gold Guinea and Gold Petal expire on the last working day of the contract month. MCX typically lists three contract months simultaneously. The most liquid is always the nearest-expiry contract; the second month sees volume increase as the near month approaches expiry.
Is physical delivery available on MCX Gold?
Yes, physical delivery is available and compulsory if you hold an MCX Gold position to expiry without squaring off. Physical settlement is in 995 purity gold bars at MCX-accredited vaults in Ahmedabad, Mumbai, and Delhi. Most retail traders square off their positions 2–5 days before expiry to avoid the delivery process. Delivery requires additional KYC documentation with your broker and cannot be initiated at the last minute.
BhaavBrief · MCX commodity intelligence · Data auto-updated with every site deploy from live MCX feed · Last updated 2026-07-21 00:17 IST
Prices are indicative. Verify live margins on your broker's SPAN calculator before trading. Trading commodity futures involves significant risk of loss.