How to Trade Gold (XAU/USD): Spreads, Lots and Margin
Gold (XAU/USD) trades as a CFD quoted in dollars per troy ounce. At many brokers 1 lot = 100 oz, so a $1 move is $100 per lot and 0.01 lots moves $1, but contract sizes vary, so check the specification. Margin = price × ounces ÷ leverage. Offshore leverage on gold is often 500:1 or more (Titan FX: 500:1 Standard, 1000:1 Micro), against 20:1 for EU retail clients. Gold moves fast, so size small.
Contract basics
| Common setting | Check in your platform | |
|---|---|---|
| Symbol | XAUUSD (sometimes GOLD) | Market Watch |
| Contract size | 100 oz per lot | Specification |
| Minimum volume | 0.01 lots | Specification |
| Value of $1 move | $100 per lot, $1 per 0.01 lot | Derived from contract size |
Because contract sizes differ, always open Specification (right-click the symbol in MT4/MT5) before trading. See lot sizes.
Worked examples
Illustrative price: gold at $3,000.
Position value: 1 lot = 100 oz × $3,000 = $300,000. 0.01 lots = $3,000.
Margin:
| Leverage | 1 lot | 0.01 lot |
|---|---|---|
| 20:1 (EU retail) | $15,000 | $150 |
| 500:1 | $600 | $6 |
| 1000:1 | $300 | $3 |
Profit/loss: gold moves $15, a quiet hour on a busy day. On 0.10 lots that’s 10 oz × $15 = $150.
Sizing: $1,000 account, risk 1% ($10), stop $8 away → $10 ÷ $8 per ounce = 1.25 oz, so 0.01 lots (1 oz, risking $8) is the size that fits. The lot calculator and margin calculator do this for you.
Leverage on gold by broker
From brokers’ own leverage pages:
- Titan FX: 500:1 on Zero Standard and Blade, 1000:1 on Zero Micro.
- EU retail: 20:1, under ESMA’s measures.
Many brokers set gold leverage separately from FX. Don’t assume the account’s headline maximum applies.
Costs
- Spread. Gold’s is typically quoted in cents. A 30-cent spread costs $30 per lot. Published figures are on lowest spread brokers.
- Commission on raw accounts.
- Swap. Holding gold overnight usually costs money (swap explained).
What moves gold
US interest-rate expectations, the dollar, US inflation and jobs data, and risk sentiment. Check the economic calendar before holding through releases; spreads widen and price can gap (news trading).
Brokers compared for gold: best brokers for gold trading.
Best Brokers for Gold Trading (XAU/USD) 2026
| Broker | Account types | Visit broker | |||
|---|---|---|---|---|---|
 XMFeatured | 4.9/5Editorial rating | 35 pips | 1,000:1 | 3 types | Visit |
 Exness | 4.2/5 | 16 pips | 2,000:1 | 5 types | Visit |
 XS.com | 4.1/5 | 20 pips | 2,000:1 | 5 types | Visit |
 Titan FX | 3.7/5 | 22.3 pips | 2,000:1 | 3 types | Visit |
 Vantage | 4.3/5 | 25 pips | Unlimited | 3 types | Visit |
 FXGT | 4.1/5 | 32 pips | 5,000:1 | 5 types | Visit |
 BigBoss | 3.2/5 | 32 pips | 2,222:1 | 4 types | Visit |
 HFM | 4.1/5 | 38 pips | 2,000:1 | 5 types | Visit |
Related
Frequently asked questions
How much is 0.01 lot of gold?
On a 100-ounce contract, 0.01 lots is 1 ounce: each $1 move in gold is $1 profit or loss. Check your broker's contract size, as some differ.
What leverage can I use on gold?
It depends on the broker and account. Titan FX lists 500:1 on Zero Standard and Blade and 1000:1 on Zero Micro. EU rules cap retail clients at 20:1.
Why does gold's spread widen?
Around the daily rollover, US data releases and the Asian open, liquidity thins. Gold spreads are wider than major FX at most brokers.
Is there swap on gold?
Yes. Gold CFDs carry overnight financing, usually negative on both sides. Check the swap in the contract specification.