Gold trading: Ways to access the gold market
There are three main ways to trade gold with us: spot CFDs, forward CFDs and ETF CFDs – all available through a single Pepperstone account.
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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, three 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.
Your gold trading routes at a glance
Compare the three 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 ETF CFDs |
|---|---|---|---|
| What you trade | Price movements in Spot Gold. | Price movements in front-month gold 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. |
| Account availability | 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, 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. | 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. | 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. | 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). | Subject to tracking differences between the ETF and physical gold, plus the underlying ETF's own costs and liquidity. |
*All three 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/USD¹ 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.¹
Fast and reliable execution
Receive a 99.32% fill rate, with no dealer intervention.³
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 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, 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 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.
Get the latest market insights on gold
Stay on top of the latest gold market developments through expert analysis and educational content.
Why Trade Gold? What Makes XAUUSD So Popular with Traders
Gold is consistently the most actively traded market among Pepperstone’s global client base, and the appeal goes well beyond familiarity with the yellow metal.
Gold Outlook: A V-Shaped Bounce Defies the Hikes — Rates and Geopolitics Still Call the Shots
Gold staged a V-shaped recovery after both the Fed and the Bank of Japan raised rates by 25 basis points. This week, markets will be watching Fed speakers, the U.S.-China summit, and developments in the Middle East, with rate expectations, the dollar, and geopolitical risk all likely to continue shaping gold's direction.
Razor Gold vs standard gold trading: which suits your strategy?
At Pepperstone, you can trade gold through either a Standard or Razor account. Both give you exposure to the same Spot Gold (XAU/USD) CFD market, but they structure trading costs differently. This can influence how you analyse spreads and respond to market conditions.
Razor Gold: what is it and how does it work?
Razor Gold brings the same transparent pricing from Razor FX accounts to Spot Gold (XAU/USD) trading. Instead of building all trading costs into a wider spread, it separates pricing into two clear components: raw market spreads and a fixed commission per trade.
Ready to trade?
Switch to Pepperstone now and join our global community of over 900,000 traders.⁴ Apply in minutes with our simple application process.
1
Register
Sign up with your email address and get a free demo.
2
Answer
We’ll assess your suitability for our products.
3
Verify
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4
Fund
That’s it! You’re ready to trade.
1Available on our Razor account. Other fees and charges may apply.
2Standard accounts are no longer available on MT4 from 26 September 2026.
3Fill rates are based on all trading data between 01/01/2026 and 31/03/2026.
4Total number of accounts held with the Pepperstone Group globally, correct as of 1 March 2026.