Gold trading: Ways to access the gold market
Compare the different ways to trade gold, including spot CFDs, forward CFDs, ETF CFDs and perp CFDs, and find the product that suits your trading strategy.
What is gold CFD trading?
When you trade gold CFDs, you're speculating on gold’s price movement, rather than buying and owning physical bullion. You take a position on whether the market will rise or fall.
Because you don't take physical ownership of gold, there's no need for storage, security or delivery.
Which way is right for you?
Same market, four different ways in – here's how each one works.
Spot CFDs
Take a position on the current cash (spot) price of gold. Gold CFDs closely track the price movements of the gold market, allowing you to trade both rising and falling prices.
Forward CFDs
Take a longer-term view on gold by trading at the front-month futures price. Overnight costs are included in the spread, with positions automatically rolled at expiry.
ETF CFDs
Gain exposure to the gold market through CFDs based on exchange-traded funds (ETFs). Gold ETF CFDs offer access to a broader range of gold-related assets, including miners and physical gold funds.
Perpetual CFDs¹
Trade perp CFDs on gold 24/7, even on weekends and act on key news and price moves as they happen. Know your costs in advance with funding set weekly and applied once daily.
Your gold trading routes at a glance
Compare the four ways to trade gold with us and choose the one that suits your goals and trading preferences.
Feature | Spot Gold CFDs | Gold forward CFDs | Gold perp CFDs | Gold ETF CFDs |
What you trade | Price movements in Spot Gold. | Price movements in front-month gold futures market. | Price movements in the gold perpetual futures market. | Price movements in gold-related exchange-traded funds. |
Underlying ownership | ✕ | ✕ | ✕ | ✕ |
Market direction | Go long or short. | Go long or short. | Go long or short. | Go long or short. |
Account availability | Standard and Razor CFD accounts.2 | Standard and Razor CFD accounts.2 | Standard and Razor CFD accounts.2 | Standard and Razor CFD accounts.2 |
Platform availability | MT4, MT5, cTrader, TradingView and the Pepperstone platform and app. | MT4, MT5, cTrader, TradingView and the Pepperstone platform and app. | MT5, TradingView and the Pepperstone platform and app. | MT5, cTrader, TradingView and the Pepperstone platform and app. |
Pricing model | Standard: Costs included in the spread. No commission. Razor: Raw spreads plus fixed commission. Spreads start from 0.08pts on Spot Gold (XAUUSD) CFDs3 and commission starts from $3.50 per lot, per side. | Spread only. Funding costs are built into the forward price. | Spreads starting from 0.3 pts plus a funding rate set weekly and applied through daily swap entries. | Pricing varies by ETF. Commission may apply depending on the underlying market and account. |
Trading hours | Nearly 24 hours a day, Monday to Friday. | Nearly 24 hours a day, Monday to Friday. | 24/7, including weekends. | Underlying exchange trading hours. |
May suit traders looking for | Straightforward exposure to Spot Gold price movements. | Longer-term gold positions and futures-style gold exposure with no overnight funding. | Around-the-clock access to the gold market and no contract expiry. | Exposure to gold-related funds, including physical gold funds and gold miners. |
Product-specific risk considerations*
| Market gaps can occur when gold trading resumes after a closure, increasing the risk of losses. Positions accrue daily swap fees for every night the position is held. | Fixed expiry means positions must be closed or rolled, and the forward price can drift from spot gold (basis risk). | Funding rates can vary, making holding costs less predictable than other products, particularly over longer periods or in volatile markets. | Subject to tracking differences between the ETF and physical gold, plus the underlying ETF's own costs and liquidity. |
Product-specific risk considerations*
*All four products are leveraged, meaning you only put up a fraction of the position's full value. But gains and losses are calculated on the full exposure, so a small adverse move in gold can produce a loss that is large relative to your outlay. If losses eat into your margin, you may need to add funds or risk having the position closed automatically.
What moves the gold price?
Gold prices can react to economic data, market sentiment and global events. Some of the factors traders watch most closely include:
• Interest rates: Higher or lower rates can influence demand for gold which does not pay interest.
• US dollar strength: Gold and the US dollar often move in opposite directions.
• Inflation expectations: Inflation concerns can increase interest in gold, viewed as a store of value.
• Global uncertainty: Investors may turn to gold during periods of market or geopolitical stress.
• Central bank activity: Central bank purchases can support demand for gold.
• Supply and demand: Changes in production and buying activity can affect prices.
Our account types
Whatever your gold trading strategy or level of experience, you’ll find an account to align with your goals.
CFD Standard
Gain similar exposure to buying the underlying market with a fraction of the capital. All fees, except overnight funding, are included in the spread and there is no commission.
For traders looking for a simple pricing model with no separate commission charges.
CFD Razor
Offers the same trading conditions as our Standard account, but with a raw spread and fixed commission pricing on forex and Spot Gold (XAU/USD). Spreads from 0.0 pips on FX and 0.08 on XAU/USD² and commission from $3.50 per lot, per side.
Popular with active traders seeking raw spreads and fixed commissions.
Why trade on gold with Pepperstone?
Everything you need, backed by a broker you can trust.
Competitive pricing
Access deep liquidity and low spreads from 0.08pts on XAU/USD CFDs.³
Fast and reliable execution
Receive a 99.32% fill rate, with no dealer intervention.⁴
Elite tech
Choose from 4 advanced trading platforms and a robust suite of tools.
Regulated broker
We follow stringent regulatory processes and keep client funds segregated in tier-1 banks.
Competitive pricing
Access deep liquidity and low spreads from 0.08pts on XAU/USD CFDs.³
Fast and reliable execution
Receive a 99.32% fill rate, with no dealer intervention.⁴
Elite tech
Choose from 4 advanced trading platforms and a robust suite of tools.
Regulated broker
We follow stringent regulatory processes and keep client funds segregated in tier-1 banks.
Competitive pricing
Access deep liquidity and low spreads from 0.08pts on XAU/USD CFDs.³
Fast and reliable execution
Receive a 99.32% fill rate, with no dealer intervention.⁴
Elite tech
Choose from 4 advanced trading platforms and a robust suite of tools.
Regulated broker
We follow stringent regulatory processes and keep client funds segregated in tier-1 banks.
FAQs
You can trade gold with us through spot gold CFDs, gold perp CFDs, gold ETF CFDs and gold forward CFDs. Each offers exposure to the gold market with different pricing, costs and trading hours. Spot Gold CFDs track the current gold price, gold perpetual CFDs offer longer-term exposure without expiry, gold ETF CFDs provide access through gold-related exchange-traded funds, and gold forward CFDs are based on a future gold price.
A gold CFD (contract for difference) allows you to speculate on the price movements of gold without owning or storing physical gold. If the market moves in your favour, you make a profit; if it moves against you, you make a loss. You can trade both rising and falling markets by going long or short.
A gold perp CFD is based on the gold perpetual futures market. It has no expiry date, trades 24/7 and uses a weekly funding rate applied once daily.
Yes. Gold perp CFDs let you trade gold 24/7, including weekends, so you can trade when traditional gold markets are closed.
A gold CFD tracks the price of gold directly, while a gold ETF CFD tracks a fund that invests in gold or gold-related assets, such as gold mining companies.
We offer forward CFDs on gold, which are based on the underlying futures market. This gives you exposure to futures-style pricing without holding a futures contract directly. This means you’re not limited to standard lot sizes. And since the CFD itself has no fixed expiry, your position rolls into the next underlying contract automatically unless you choose to close it.
Gold is usually priced in US dollars. When the dollar strengthens, gold can become more expensive for global buyers, which may reduce demand.
Central banks buy gold to diversify their reserves and hold an asset widely viewed as a long-term store of value.
There is no single best strategy. The right approach depends on your goals, risk tolerance and trading style.
To start trading gold, sign up for a Pepperstone account, complete identity verification, fund your account and choose the gold product you want to trade, such as spot gold CFDs, gold perp CFDs, gold ETF CFDs or gold forward CFDs. You can then place and manage your first trade through your preferred platform.
Ready to trade?
Switch to Pepperstone now and join our global community of over 900,000 traders.⁵ Apply in minutes with our simple application process.
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That’s it! You’re ready to trade.
¹ Perpetual CFDs reference a synthetic market or price and do not provide ownership of, or rights to, the underlying asset.
² Standard accounts are no longer available on MT4 from 26 September 2026.
³ Available on our Razor account. Other fees and charges may apply.
⁴ Fill rates are based on all trading data between 01/01/2026 and 31/03/2026.
⁵ Total number of accounts held with the Pepperstone Group globally, correct as of 1 March 2026.