XAU/USD - Gold
Gold is traded in the spot market, and the Gold Spot price is quoted as US Dollar per Troy Ounce. Since 1919 the most common benchmark for the price of gold has been the London gold fixing, a twice-daily telephone meeting of representatives from five bullion-trading firms of the London bullion market. Gold is traded continuously throughout the world based on the intra-day spot price, derived from over-the-counter gold-trading markets around the world (code “XAU”).
Can be viewed in the dealing rates and create order windows on the trading station, or by using the CFD Product Guide.
Please click here for trading hours. Please note, however, that hours are subject to change based on Daylight Savings Time. Any holiday hours will be posted here. XAU/USD is a spot product so there is no expiration.
XAU/USD has a target spread of 40 pips/points. Keep in mind the minimum pip/point value for XAU/USD is 0.01.
Max Contract Size
The maximum number of contracts per click (trade) for XAU/USD is 10,000.
Minimum Pip Cost (Value)
XAU/USD has a minimum value of $0.01 per point (Your per point value may be different if your account is denominated in a different currency. Please refer to the Simple Dealing Rates Window in Trading Station for this value).
The pip/point location is shown below. Each 0.01 price movement on XAU/USD is 1 pip/point.
XAU/USD does have a financing cost (Rollover) which is usually 3x on Wednesdays like FX pairs.
With Friedberg Direct’s new Enhanced Execution, there is no minimum stop distance for XAU/USD.