Why the pip value of gold is disputed
Gold (XAUUSD) is quoted in US dollars per troy ounce to two decimals, for example 2,400.35. Forex has a fixed idea of a pip, but gold does not. Different platforms and articles call a 0.10 move a pip, a 0.01 move a point, or simply count dollars. This page does not pick one. The contract is what counts: at most CFD and spot brokers, one lot is 100 troy ounces (the broker's contract specification confirms this, and some use other sizes).
| Convention | Price step | Per 1.00 lot | Per 0.01 lot | Who uses it |
|---|---|---|---|---|
| Pip = 0.10 | $0.10 | $10 | $0.10 | Many calculators and broker education pages |
| Point = 0.01 | $0.01 | $1 | $0.01 | MetaTrader-style platforms (quote digits) |
| Full dollar | $1.00 | $100 | $1 | Anyone quoting gold in dollars of price |
All three rows describe the same money: with a 100 ounce lot, every $1 of price movement is $100 per lot. Conflict flagged: sources differ on the word "pip". They agree on the dollars.
The only formula you need
Loss = lots × ounces per lot × stop in dollars of price. Solve for lots: lots = amount to risk ÷ (stop in dollars × 100).
Worked example
An account of $10,000 risking 1% ($100) per trade, 100 ounce lot, lots rounded down to 0.01 (E, illustrative).
| Stop in price | In 0.10 pips | In 0.01 points | Lots (rounded down) | Loss if stopped |
|---|---|---|---|---|
| $5 | 50 pips | 500 points | 0.20 | $100.00 |
| $10 | 100 pips | 1,000 points | 0.10 | $100.00 |
| $15 | 150 pips | 1,500 points | 0.06 | $90.00 |
| $25 | 250 pips | 2,500 points | 0.04 | $100.00 |
A $15 stop needs 0.06 lot to stay under $100. One full lot with that stop would risk $1,500, which is 15% of the account. That is why gold is traded in hundredths of a lot on small accounts.
Checks before you place the trade
- Contract size. Confirm ounces per lot and the minimum and step in your platform's specification.
- Spread and slippage. Gold spreads widen around data releases and at rollover, and a stop can fill beyond its level. The real loss can exceed the table.
- Futures differ. COMEX gold futures are 100 ounces, and micro gold is 10 ounces; check CME Group specifications for the tick value. Not the same as a CFD lot.
For the instrument page with a live calculator see XAUUSD lot size calculator. For index and crypto examples see NQ and BTCUSD. The general method is in how to calculate position size, and the forex pip is in what is a pip.
Leveraged products can lose more than you expect. Education only, not advice.
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Pip, point and tick values differ by instrument. These calculators start from each one's contract, with worked examples:
Quick questions
How much is a pip in gold?
There is no single pip. If a pip is 0.10 it is $10 per 100 ounce lot, if it is 0.01 it is $1 per lot. In dollars of price, every $1 is $100 per lot.
What is 0.01 lot in gold?
At a 100 ounce lot it is 1 ounce, so a $1 move is $1.
How many lots of gold for a $10,000 account?
It depends on the stop, not the account alone. At 1% risk and a $15 stop it is 0.06 lot (E).
Pick the dollar stop at a level.
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Last updated November 2026. For education only. Not financial advice.