How Much Is 1 Lot of Gold? Ounces, Value, Margin and Cost
One standard lot of gold (XAUUSD) is 100 troy ounces at most brokers, so its notional value is the gold price times 100. A 1 USD move in gold is worth 100 USD per lot, and 0.01 lot is 1 oz. Micro-style accounts can define a lot differently, so check the contract specification.
By CB-Dogs Editorial5 min read
Disclosure: CB-Dogs receives an advertising (referral) fee — sometimes called an IB commission — from brokers for accounts opened or linked through us, and returns part of it to you as cashback, the same model used by cashback and points sites. This does not change your trading costs.
On this page
One standard lot of gold is 100 troy ounces. That is how most brokers define 1.00 lot of XAUUSD, and it is the number every other calculation here builds on. This page is the quick-answer hub: the ounces, the dollar value, the value of a price move, margin, spread cost and cashback per lot. Where a topic has a full guide, we link it instead of repeating it.
Key takeaways
- 1 standard lot of XAUUSD = 100 troy ounces at most brokers. 0.10 lot = 10 oz and 0.01 lot = 1 oz.
- Notional value = gold price x 100. At an example price of 4,000 USD per oz, 1 lot is about 400,000 USD of gold.
- A 1 USD move in the gold price is worth 100 USD per lot, whatever your leverage.
- Leverage changes only the margin locked, not the profit or loss. Higher leverage means a smaller margin but the same risk per move.
- Micro accounts and some products define a lot differently. Always read the contract specification in your platform.
1 lot of gold in ounces
| Lot size | Ounces (100 oz per lot) |
|---|---|
| 1.00 lot | 100 oz |
| 0.50 lot | 50 oz |
| 0.10 lot | 10 oz |
| 0.01 lot | 1 oz |
At XMTrading, GOLD is 100 oz per lot on the Standard, Zero and KIWAMI accounts, with a minimum trade size of 0.01 lot, which is 1 oz. The Micro account uses a different symbol, GOLDmicro, with a smaller contract; our XM gold trading conditions guide gives the Micro figure and the full table. The rule for any Micro-style account: check the contract specification before you size a trade, because 1.00 lot there is not 100 oz.
What 1 lot of gold is worth
The notional value of a position is simply:
notional value = gold price per oz x ounces
With gold at an example 4,000 USD per oz:
| Position | Notional value (example) |
|---|---|
| 1.00 lot (100 oz) | 400,000 USD |
| 0.10 lot (10 oz) | 40,000 USD |
| 0.01 lot (1 oz) | 4,000 USD |
You do not pay this amount. With leverage you lock only a fraction as margin, covered below. But the notional value is the amount of gold your profit and loss is calculated on, which is why a small lot size can still move your account a lot.
The value of a 1 USD move per lot
Gold is quoted in USD per ounce. One lot is 100 oz, so a 1.00 USD move in the price changes your profit or loss by 100 USD per lot (10 USD at 0.10 lot, 1 USD at 0.01 lot). A 10 USD move in gold, which can happen in minutes around news, is 1,000 USD per lot.
Leverage does not change this. It only changes how much margin is locked for the position. The pip, point and tick definitions for gold vary by broker, so for per-pip values see pip value on gold, silver and oil.
Margin for 1 lot of gold at different leverage
Required margin = notional value divided by leverage. Using the same example price (4,000 USD per oz, so 400,000 USD per lot):
| Leverage | 1.00 lot | 0.10 lot | 0.01 lot |
|---|---|---|---|
| 1000:1 | 400 USD | 40 USD | 4 USD |
| 500:1 | 800 USD | 80 USD | 8 USD |
| 100:1 | 4,000 USD | 400 USD | 40 USD |
These are example figures. Real margin depends on the broker's formula, the live price and the leverage tier your account is in (XMTrading steps leverage down as equity rises). Use gold margin per lot explained for the formula and a worked example, and check the margin shown in your platform's order window. For the thresholds that follow from margin level, see margin call and stop-out.
A low margin is not a safe margin. At 1000:1, 1 lot locks 400 USD in this example, but a 4 USD move against you costs 400 USD. Leverage is how accounts get stopped out quickly.
The spread cost of 1 lot of gold
The spread is the price gap between buy and sell. Because 1 lot is 100 oz, every 0.10 USD of spread costs 10 USD per lot. Example: a spread of 0.30 USD per oz costs 0.30 x 100 = 30 USD per 1.00 lot, and 0.30 USD at 0.01 lot. Live gold spreads change with news and liquidity, and XMTrading's listed figures are minimums in its own units, so read the live spread in your platform. The Zero account swaps a lower spread for a per-lot commission. Our XM gold spread guide compares the account types, and gold trading costs explained shows how spread, commission and swap add up. Holding overnight also adds swap, which for long gold is normally a cost.
Cashback on 1 lot of gold
CB-Dogs pays cashback per lot of closed volume: 60% of the IB commission the broker actually pays. Gold is not a separate row at XMTrading; the same per-lot rate as forex applies for your account type, but a gold lot carries a much larger spread in dollars, so the rebate covers a smaller share of it. Current rates:
| Account type | Rebate / lot (USDT) |
|---|---|
| StandardSpread-based account, no commission. | 9.0 |
| MicroRebate is calculated per 100,000 units of micro-lot volume (i.e. the same per-lot rate as Standard, scaled to micro-lot size). | 9.0 |
| KiwamiXM's tightened-spread account tier available in select regions. | 6.0 |
| ZeroCommission-based account. Rebate is paid in addition to the raw spread — commission you pay is unaffected. | 4.5 |
Provisional rate
Exness is shown separately. Its per-lot figures are estimates, because they vary with spread and partner level; actual cashback is the commission received times 60%.
| Account type | Rebate / lot (USDT) |
|---|---|
| StandardNo separate commission — Exness pays partners a share of the spread. The estimate below is for EURUSD at our current partner rank; GBPUSD and gold (XAUUSD) typically pay more per lot, tighter-spread pairs less. Rates rise automatically as our trading volume with Exness grows. | 0.96 |
| ProNo separate commission — Exness pays partners a share of the spread, at a lower percentage than Standard. We don't yet have a reliable per-instrument estimate for this account type, so no figure is shown; your cashback is still 60% of the actual commission Exness pays us. | 0.0 |
| ZeroCommission-based account with near-zero raw spreads. The estimate below is for EURUSD at our current partner rank; other instruments vary. Cashback is paid in addition to the raw spread and does not affect the commission you pay Exness. | 0.25 |
| Raw SpreadCommission-based account with raw interbank spreads. Exness pays partners a fixed amount per lot that varies by instrument; we don't yet have a reliable figure to show, so no estimate is listed — your cashback is still 60% of the actual commission Exness pays us. | 0.0 |
Provisional rate
For how this works specifically on gold, with worked examples, see gold cashback per lot explained. To run your own volume through the maths, use the cashback calculator.
Lot size and risk: how to size a gold trade
Because 1 lot is 100 oz, start from risk, not from the lot size you like. Decide how much of your account you accept losing on the trade, divide by the stop distance in USD per oz, then divide by 100 for the lot size. Example: risking 50 USD with a 5 USD stop is 50 / 5 = 10 oz, which is 0.10 lot. More on sizing in forex lot size calculator explained.
Frequently asked questions
FAQ
100 troy ounces for a standard lot of XAUUSD at most brokers. 0.10 lot is 10 oz and 0.01 lot is 1 oz. Micro-style accounts can use a smaller contract, so check the specification.
Related reading
- Gold margin per lot explained
- Pip value on gold, silver and oil
- XM gold spread and trading conditions
- Gold cashback per lot explained
Want your own numbers? Try the cashback calculator or register with CB-Dogs.
Risk warning: forex and CFD trading carries a high risk of losing money. Cashback does not offset trading losses. Nothing here is investment advice.
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