XAU/USD market guide: gold against the US dollar
A practical market guide to XAU/USD: how the price is quoted, when it is most active, what drives it and how to size trades on it.
This page explains the gold market. For Forexuro gold trade ideas on Telegram, see XAUUSD gold signals; for a beginner lesson, read gold market basics.
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Published · Reviewed by the Forexuro Desk editorial team
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XAU/USD is the price of one troy ounce of gold in US dollars. Gold is not a currency, but it trades like one at forex brokers and is one of the most popular instruments with signal followers because of its large daily ranges. Gold pays no interest, so it reacts strongly to real interest rates, the dollar and safe haven demand.
How the quote works
A quote of 4,030.00 means one ounce costs 4,030 dollars. On the Forexuro results board one gold pip is 0.10 dollars, so a move from 4,030.00 to 4,031.00 is 10 pips, and one standard lot is usually 100 ounces, making a pip worth 10 dollars per lot. Contract sizes vary by broker, so check yours. New to quotes? Read how to read a forex quote and the glossary entries for pip and lot.
When it trades
Gold trades nearly 24 hours a day. Activity rises at the London open, around the London price auctions, and through the New York session, when US data and the Fed hit. Asian demand, including central bank and jewellery buying, can matter in the Asian session.
See the live market sessions clock to check which centres are open in your time zone.
What moves XAU/USD
- Real interest rates and the Fed. Because gold yields nothing, higher expected real rates tend to weigh on it, and expected cuts tend to support it. FOMC decisions and Fed speakers are key.
- The US dollar. A stronger dollar often weighs on gold priced in dollars; see dollar index and gold.
- Safe haven demand. Geopolitical shocks can drive buying, though in sudden sell-offs gold is sometimes sold to raise cash.
- Central bank buying. Official sector purchases have been an important source of demand. The World Gold Council reported that the People's Bank of China added 23 tonnes in September 2026.
- Inflation and energy. Inflation data and energy shocks affect both inflation hedging demand and rate expectations. In October 2026 an oil price shock pushed rate expectations higher and weighed on gold.
Key events and central banks
The central banks that matter most for XAU/USD: Federal Reserve. Current policy rates, sourced from each bank, are on our central banks page. These scheduled releases often move the market:
See all economic events explained.
Volatility explained
Gold usually has much larger moves in dollar terms than currency pairs, and can move tens of dollars in minutes around US data and Fed decisions. Spreads can widen sharply at those moments and at rollover. Size positions from the stop with the gold position size calculator and use a current ATR reading.
Forexuro does not publish a fixed "average daily range" for XAU/USD here, because any such number goes out of date quickly and depends on the period chosen. Measure it on your own platform over the window you trade.
Pip value and position size
Use the XAU/USD pip value calculator to see what one pip is worth in your account currency, then the position size calculator to turn your risk and stop into lots. Keeping risk per trade small, often 1% or less, is the main protection against a run of losses; see risk management for traders.
Forexuro XAU/USD signals
Forexuro publishes forex signals with an entry, stop loss and take profit levels. See the XAU/USD gold signals page for how they work on this market. Every closed Forexuro trade is published on the trade history page. Daily market notes, including XAU/USD when it is in focus, go out free on the Forexuro Telegram channel.
XAU/USD in the Forexuro record
In the current results window (August 2026 to 23 October 2026) 62 XAU/USD signals closed: 57 reached a take profit (TP3 on 40 of them), 5 hit the stop and 0 closed at breakeven. That is a success rate of 91.9% and +20,000 pips. Across all markets in the same window the success rate is 87.7% from 240 closed signals, the figure on the results board.
Success rate is take profit closes divided by take profit plus stop loss closes, for signals closed from August 2026 to 23 October 2026, the same rolling window and method as the results board. Breakeven exits are not counted as losses and are listed separately. Pips are measured to the highest target reached and exclude spread, swap and slippage. Every signal since November 2023 is in the trade history and the CSV record; see how results are scored. Past results do not guarantee future results.
This week's outlook
Read the XAU/USD weekly outlook for the week of 26 October 2026, a sourced analysis of the events and levels in focus, or browse all weekly forecasts.
Practical tips
- Check your broker's contract size: the gold pip value depends on it.
- Reduce size around FOMC, CPI and payrolls if you hold through them.
- Read our position sizing for gold guide.
Related reading
Other markets: EUR/USD · GBP/USD · USD/JPY · USD/CHF · AUD/USD · USD/CAD · NZD/USD · EUR/GBP
Frequently asked questions
What does XAU mean?
XAU is the ISO code for one troy ounce of gold. XAU/USD is the price of an ounce in US dollars.
What is a pip on gold?
Brokers differ. Forexuro measures gold in pips of 0.10 dollars, so a 1 dollar move is 10 pips.
Why does gold fall when rates rise?
Gold pays no interest, so higher real yields make holding it relatively less attractive.
Is gold more volatile than forex?
Gold usually moves more in money terms per lot than the major pairs, so position sizing matters even more.
Education only, not financial advice. Trading forex, gold and CFDs carries a high risk of losing money, and leverage magnifies both gains and losses. Past performance is not a reliable guide to future results. Read our risk disclosure.