Gold trading: Ways to access the gold market
Compare the different ways to trade gold, including spot CFDs, forward CFDs, ETF CFDs and spread bets, 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.
One market. Multiple ways to trade. Which is right for you?
Explore the similarities and differences between each product and pick the one that suits your gold trading strategy.
Gold spread bets
Allows a trader to speculate on the price of gold by staking an amount per point the market moves. Profit or loss depends on how many points the market moves and your stake size.
In the UK, spread betting profits are
generally exempt from Stamp Duty and Capital Gains tax. *
* Please be aware that tax treatment depends on your individual circumstances, and tax law may be subject to change.
Gold CFDs
Allows a trader to speculate on gold price movements through contracts for difference (CFDs). A CFD is an agreement between you and the broker to exchange the difference in gold’s price between when a trade is opened and closed. Profit or loss is determined by the change in price over that period.
Available on both Standard and Razor accounts, with raw spreads from 0.08 on XAU/USD on Razor and commission from £2.25 per lot, per side.1
What is spread betting and gold CFD trading?
Gold CFDs and spread bets allow you to gain exposure to gold price movements without owning physical gold. Instead of buying bullion, you speculate on whether the price of gold will rise or fall.
As you don't own the underlying asset, there's no need to arrange storage, security or delivery of the underlying asset.
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.
Products | |||
Features | Spot | Forward | ETF |
What you trade | Price movements in the current cash (spot) price of gold. | Price movements in front-month Gold Futures. | Price movements in gold-related ETFs. |
Underlying ownership | ✕ | ✕ | ✕ |
Market direction | Go long or short. | Go long or short. | Go long or short. |
Account availability | Spread betting account (Only for UK traders. Razor and Standard CFD accounts.2 | Spread betting account (Only for UK traders. Razor and Standard CFD accounts.2 | Spread betting account (Only for UK traders. Razor and Standard 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. | MT4,MT5, cTrader, TradingView and the Pepperstone platform and app. |
Pricing model | Spread betting: Costs included in the spread. No commission. Standard: Costs included in the spread. No commission. Razor: Raw spreads plus fixed commission. Spreads start from 0.08pts on Spot Gold (XAUUSD) CFDs1and commission starts from £2.25 per lot, per side. Overnight financing charges apply when positions are held overnight - 5:00 PM NY (21:59 UK time). | Spread only. Funding costs are built into the forward price. No overnight swap charges. | Spread betting: Costs included in the spread. No commission. CFD Standard and Razor: Pricing varies by ETF. Commission may apply depending on the underlying market and account. Overnight financing charges apply when positions are held overnight. |
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 exposure with no overnight funding. | Exposure to gold-related funds, including physical gold funds and gold miners. |
Learn more about our swap charges here.
Disclaimer: Trading spread bets and CFDs involves risk and is not suitable for everyone. Market prices can move quickly and unexpectedly, and leverage can magnify both gains and losses. You could lose money, so it is important to understand how the product works and consider whether it is suitable for your circumstances before trading.
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 spread bets, spot gold CFDs, gold ETF CFDs and gold forward CFDs. Each offers exposure to the gold market with different pricing, costs and trading hours. Spread bets allow eligible UK clients to speculate on gold movements using a stake-per-point model, Spot Gold CFDs track the current gold price, gold ETF CFDs provide exposure through gold-related 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.
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 ETF CFDs or gold forward CFDs. You can then place and manage your first trade through your preferred platform.
Stay on top of the latest gold market developments through expert analysis and educational content.
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 Available on our Razor account. Other fees and charges may apply.
² Standard accounts are no longer available on MT4 from 26 September 2026.
³ Fill rates are based on all trading data between 01/01/2026 and 31/03/2026.
⁴ Total number of accounts held with the Pepperstone Group globally, correct as of 1 March 2026.