Micro Gold, Silver and Copper Products Update

Highlights

Despite slowing physical demand from China and India, gold prices continued their ascent, fueled by economic uncertainty, geopolitical risk and expectations of Federal Reserve rate cuts. The COMEX active gold price closed 2025 at $4,341.1/oz (+2.0% MoM), marking its sixth consecutive monthly gain.

Silver - historically more volatile than gold - surged 23.5% MoM to settle December at an all-time high of $70.605/oz. This represents its largest monthly percentage gain since July 2020. The rally was primarily driven by a robust demand outlook for AI and electrification, coupled with ongoing supply constraints.

Copper also benefited from positive industrial demand expectations and a recovery in Chinese manufacturing. The December Chinese PMI reading shifted into expansion for the first time since April 2025, pushing copper prices up 7.8% MoM to end the year at $5.6820/lb.

Our Micro-sized contracts continue to provide deep liquidity and lower margin requirements than standard contracts, enabling market participants to manage risk efficiently during periods of high volatility. Performance highlights include:

Micro Gold (MGC) futures: Achieved record-breaking annual figures with an average daily volume (ADV) of 300,757 contracts and average daily open interest (ADOI) of 48,884 contracts.
Micro Silver (SIL) futures: Set new monthly records in December 2025 with an ADV of 200,121 and ADOI of 18,772.
Micro Copper (MHG) futures: Reached all-time annual highs with an ADV of 14,037 and ADOI of 6,017.

Micro Gold (MGC), Micro Silver (SIL) and Micro Copper (MHG) Futures Update

MGC, SIL and MHG price movement and daily range (expressed in terms of one lot notional)

*Intraday price movement is expressed as the difference between the daily high price and the daily low price multiplied by the contract notional in troy ounce (MGC and SIL) and pounds (MHG).

Options Heatmap (change in OI from December 1 to December 31, 2025)

View current open interest and changes in volume and OI by strike, put or call, and expiration.

Key Economic Events in January/February 2026:

Economic Event	ET	GMT / BST	SGT / HKT
U.S. ISM Manufacturing PMI	Jan 5, 10.00 a.m.	Jan 5, 3.00 p.m.	Jan 5, 11.00 p.m.
China Inflation Rate YoY	Jan 8, 8.30 p.m.	Jan 9, 1.30 a.m.	Jan 9, 9.30 a.m.
U.S. Non Farm Payrolls	Jan 9, 8.30 a.m.	Jan 9, 1.30 p.m.	Jan 9, 9.30 p.m.
U.S. Inflation Numbers	Jan 13, 8.30 a.m.	Jan 13, 1.30 p.m.	Jan 13, 9.30 p.m.
China Balance of Trade	Jan 13, 10.00 p.m.	Jan 14, 3.00 a.m.	Jan 14, 11.00 a.m.
China Industrial Production YoY	Jan 18, 9.00 p.m.	Jan 19, 2.00 a.m.	Jan 19, 10.00 a.m.
U.S. Fed Interest Rate Decision and Fed Press Conference	Jan 28, 2.00 p.m.	Jan 28, 7.00 p.m.	Jan 29, 3.00 a.m.
U.S. Core PCE Price Index	Jan 29, 8.30 a.m.	Jan 29, 1.30 p.m.	Jan 29, 9.30 p.m.
China NBS Manufacturing PMI	Jan 30, 8.30 p.m.	Jan 31, 1.30 a.m.	Jan 31, 9.30 a.m.
RatingDog Manufacturing PMI	Feb 1, 8.45 p.m.	Feb 2, 1.45 a.m.	Feb 2, 9.45 a.m.
U.S. ISM Manufacturing PMI	Feb 2, 10.00 a.m.	Feb 2, 3.00 p.m.	Feb 2, 11.00 p.m.
U.S. Non Farm Payrolls	Feb 6, 8.30 a.m.	Feb 6, 1.30 p.m.	Feb 6, 9.30 p.m.
China Inflation Rate YoY	Feb 10, 8.30 p.m.	Feb 11, 1.30 a.m.	Feb 11, 9.30 a.m.
U.S. Inflation Numbers	Feb 11, 8.30 a.m.	Feb 11, 1.30 p.m.	Feb 11, 9.30 p.m.
FOMC Minutes	Feb 18, 2.00 p.m.	Feb 18, 7.00 p.m.	Feb 19, 3.00 a.m.
U.S. Core PCE Price Index	Feb 26, 8.30 a.m.	Feb 26, 1.30 p.m.	Feb 26, 9.30 p.m.

Source: CME Group, QuikStrike

Useful resources

CME FedWatch

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COT tool

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CME QuikStrike

Build and test your trading strategies in a simulated environment with free pricing and analytics tools for CME Group markets. Choose from three ways to access exclusive, web-based tools developed by QuikStrike®.

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