How to read the XAU/USD gold price
In the symbol XAU/USD, "XAU" is the ISO code for gold and "USD" the US dollar. A quote therefore tells you how many dollars one troy ounce of gold costs. When the number rises, gold is strengthening against the dollar; when it falls, it is weakening.
A quote has two prices: the bid (the price at which you can sell) and the ask (the price at which you can buy). The gap between them, the spread, varies by broker and market conditions, and often widens around major releases or when liquidity is thin. The price shown on a chart is usually a mid or last price, which may differ from your broker’s.
Ounce, gram, kilo: conversions
Gold is quoted per troy ounce, not the ordinary ounce (28.35 g): 1 troy ounce = 31.1035 grams. To get a per-gram price from the dollar quote, divide the ounce price by 31.1035; for a per-kilo price, multiply the gram price by 1,000. For a price in another currency, apply the relevant exchange rate on top, such as EUR/USD.
| Unit | Equivalence | Calculation from the XAU/USD quote |
|---|---|---|
| Troy ounce | 31.1035 g | Quoted directly |
| Gram | 1/31.1035 of an ounce | Quote ÷ 31.1035 |
| Kilogram | about 32.15 troy ounces | Quote × 32.1507 |
Note that the price of a coin or bar from a dealer includes a premium (fabrication, margin, taxes), so it differs from the spot price. The conversions above give the price of pure metal, not what you would pay for an item.
Spot or futures: which quote should you watch?
The spot price (XAU/USD) is the price for immediate exchange. It is the usual reference for online brokers and CFD or margin traders. Futures are exchange-traded contracts with an expiry date; their price includes carrying costs (financing, storage), so it sits slightly away from spot and changes with each contract month.
The two usually move together, but the gap can vary, especially as an expiry approaches. If you trade on MetaTrader, your broker’s quote is the one that counts; a spot chart is mainly for reading the context.
What moves the gold price, and when
The gold price reacts mostly to real interest rates, the dollar, expectations about the Fed, inflation and geopolitical tension. The guide on what moves the gold price covers these mechanisms; the one on gold trading hours shows when the market is most active. Gold trades almost around the clock from Sunday evening to Friday evening (Paris time), with a short daily break that depends on the broker.
Following the price efficiently
- Look at the price in context: the dollar, US yields and the release calendar.
- Pick a timeframe that matches your horizon: a one-minute chart and a daily chart tell different stories.
- Check the upcoming releases before the open: volatility clusters around them.
- Cross-check the move against gold news to tell a genuine catalyst from simple noise.
The chart above is supplied by TradingView and loads only on click, to protect your privacy. The quotes shown are indicative and do not replace your broker’s execution price. XAU Terminal brings this monitoring, the news and the calendar together on one screen.