XM Gold Swap Explained: Overnight Fees on XAUUSD, Triple Wednesday and KIWAMI

Gold is the instrument where overnight swap surprises people most. A single lot of gold is 100 oz, so a swap figure that looks small in points can become a real number in dollars once you hold a position for a few nights. This guide explains how XMTrading applies swap on gold, how to turn the quoted points into dollars per lot, what a week of holding could cost in a hypothetical case, and when the swap-free KIWAMI symbol is worth considering.

Key takeaways

• XMTrading calculates swap on FX and spot metals from 2-business-day rates minus a fee, converts it to your account currency, and shows it in points. It is applied once a day at 00:00 server time (GMT+2, shifting with daylight saving time).
• On Standard, Micro and Zero, gold swap is normally negative for long (buy) positions and positive for short (sell) positions. It is tripled on Wednesday for GOLD, SILVER and XAUEUR.
• On the date we read XMTrading's page (2026-10-01), Standard GOLD showed -87.87 points long and +21.97 points short. These numbers change daily, so treat them as one example reading, not a current rate.
• KIWAMI GOLD# shows 0 / 0, so it is swap-free. The separate GOLD24-7 symbol is a different instrument and has non-zero swaps.
• CB-Dogs cashback is paid per lot traded, not per night held, so swap neither raises nor lowers it.

How XM calculates and applies gold swap

According to XMTrading's help centre, the swap on FX and spot metals is based on the interbank interest rates for a 2-business-day settlement, minus a fee charged by XM. The result is converted into your account's base currency (USD, EUR or JPY) and shown in points. A positive number is a credit to you, a negative number is a charge.

Three timing rules matter:

• Rollover time. Swap is applied once per day at 00:00 server time. XM's server runs on GMT+2 and follows daylight saving changes, so the clock time in your own country moves twice a year. What counts is whether the position is still open at that moment, not how long it was open.
• Intraday trades pay nothing. If you open and close between two rollovers, no swap is charged or credited.
• Wednesday is tripled. For GOLD, SILVER and XAUEUR, XMTrading applies three days of swap on Wednesday to cover the weekend. Our triple swap day guide explains why the extra days land on that day, and the swap overnight fees explainer covers the basics for every instrument.

An example reading, not a current rate

On the date we read XMTrading's spot metals page, the Standard GOLD symbol showed these values:

These move daily with interest rates and XM's adjustments, and they can be different by the time you read this. The direction is the stable part: the long side usually pays and the short side usually receives, though the short credit is smaller than the long charge.

Turning points into dollars per lot

A "point" is the smallest price step on the symbol. How much a point is worth depends on how many decimal places your platform shows for gold and on the contract size.

General method, assuming gold is quoted with two decimals (for example 4,000.25) and one lot is 100 oz, as on XMTrading's Standard, Zero and KIWAMI accounts:

1. One point is the last decimal place, 0.01 USD per oz.
2. One standard lot is 100 oz, so 1 point moves the value of a lot by 0.01 x 100 = 1 USD.
3. Therefore a swap of -87.87 points is about -87.87 USD per lot per night, in a USD account.

So, on that example reading, holding 1 lot of Standard gold long through one rollover would cost roughly 87.87 USD, and holding 1 lot short would earn roughly 21.97 USD. For other lot sizes, scale proportionally: 0.10 lot is one tenth of those figures.

Three cautions about this conversion:

• Check the point size. If your platform shows gold with a different number of decimals, or you use the Micro account (1 lot is 1 oz, not 100 oz), the dollar value of a point is different. Open the symbol specification in your terminal and read the contract size and tick value before you rely on the arithmetic.
• Account currency. XM converts swap into your base currency, so on a JPY or EUR account the displayed number is already in that currency. Do the lot arithmetic with the unit your terminal shows.
• Terminology. Points here are not the same as pips. Our pips vs. points guide covers the difference.

A hypothetical week: 1 lot long for 5 nights

Using the example reading above and assuming, for simplicity, that it stays constant all week (in reality it changes daily), imagine you buy 1 Standard lot of gold on Monday before the rollover and close it on Friday after the rollover. That position passes five rollovers: Monday, Tuesday, Wednesday, Thursday and Friday.

The same week held short would be 7 x 21.97 = about +154 USD in this hypothetical, again assuming the number never changes.

Two takeaways. First, the Wednesday triple means a position that is open at that rollover pays for three days in one go, so one night in the middle of the week costs as much as three. Second, for a multi-day long position the swap can easily be larger than the spread. This is why swing traders on gold look at the swap line of the specification before choosing a symbol. For a wider look at how swap sits next to spread and commission, see gold trading costs explained.

KIWAMI GOLD# and GOLD24-7: what is swap-free and what is not

XMTrading's spot metals page shows swap of 0 for both long and short on the KIWAMI GOLD# symbol, so holding it overnight carries no swap charge and no swap credit. XM also lists KIWAMI as swap-free on specific instruments only, not on the whole account, so always check the symbol you actually trade.

Two points that trip people up:

• GOLD24-7 is not GOLD. XM lists a separate GOLD24-7 symbol that trades around the clock, with its own spreads and leverage. Its swaps are not zero, even on the KIWAMI version. Do not assume a swap-free label carries over.
• Swap-free also removes the credit. If you hold shorts, you lose the positive swap you would otherwise receive. Swap-free is a trade-off, not a free saving.

When KIWAMI makes sense

KIWAMI GOLD# is worth considering if you:

• hold gold long positions across several nights, especially across Wednesday, where the triple swap would otherwise hit;
• are a swing or position trader for whom the swap line is bigger than the spread difference;
• prefer a predictable cost, because spread is then the only holding-related variable.

It is less compelling if you only trade intraday (swap never applies), or mainly hold short gold positions that would receive a positive swap on the other account types. KIWAMI's minimum spread on gold is also different from Standard's; compare the whole cost before choosing. Our XM gold trading conditions guide sets the symbols and spreads side by side, best XM account for gold trading compares the account types, and the XM KIWAMI account review covers the account itself. For the general idea of swap-free accounts, see swap-free and Islamic accounts.

Does swap change your CB-Dogs cashback?

No. CB-Dogs pays 60% of the IB commission XM actually pays on the lots you trade, so cashback depends on lots traded, not on how long a position stays open and not on whether the trade made or lost money. A night of swap is a cost between you and XMTrading. It does not reduce the cashback you earn, and holding a position longer does not earn more.

That also puts cashback in proportion. On a lot of gold, the cashback is small next to a swap figure like the one above, so cashback should be treated as a modest offset to costs, never as a reason to hold a position. To see the current per-lot rate for your account type, use the live table:

You can also run your own numbers in the cashback calculator. Cashback is also paid regardless of the result of the trade, as explained in cashback on losing trades.

Practical checklist before holding gold overnight

1. Open the symbol specification in MT4 or MT5 and read swap long, swap short, the swap type (points) and the contract size.
2. Convert points to your account currency per lot using the method above, then scale by your lot size.
3. Count the rollovers you will pass, and count Wednesday as three.
4. Compare the total with the spread you would pay and with the KIWAMI alternative, if your position is a long one held over several nights.
5. Recheck daily: the number changes.

FAQ

How much is the XM gold swap?

It changes daily. On the date we read XMTrading's page (2026-10-01), Standard GOLD showed -87.87 points for long and +21.97 points for short. Read the current number in your platform's symbol specification.

When is swap charged on XM gold?

How do I convert gold swap points into dollars?

Is there a swap-free gold symbol at XM?

Does holding gold overnight change my cashback?