Why gold is priced separately
One lot of XAUUSD is 100 ounces, so every $1 move swings a lot by $100. Per lot, gold's tick value is typically around ten times that of a major currency pair, which is why brokers publish a separate metals rebate table — and why those figures are usually higher than forex.
The formula
Net cost = spread × tick value × lots − rebate × lots. On a typical Raw account, a 14-cent gold spread ($0.14, $10 per point per lot) costs $1.40 per lot; if the gold rebate is $14 per lot, the effective cost is pushed to near zero or below. That is why gold traders look hardest at the metals column.
Three ways to cut cost
- Compare rebates before spreads. Broker spreads on gold usually differ by a few cents; rebates can differ by several dollars per lot, which matters far more.
- Watch the account tier. Standard, Raw and Zero accounts at the same broker can differ by more than double on metals, and bonus-funded accounts often exclude them.
- Mind weekends and news. Spreads widen sharply at Monday open and around high-impact releases, diluting what the rebate covers on those trades.
A common trap
"High forex rebate means high gold rebate" is not true. The two tables often move independently — some brokers give generously on forex and barely on metals. Always read the two columns separately.
Getting started
Sort the comparison table by the metals column, take the top three, then open each broker page to confirm the tier your account type falls into. Once your account number is bound, gold lots join the same settlement period as forex.
FAQ
How big is one gold lot, and why is it priced separately?
One XAUUSD lot is 100 ounces; a $1 price move floats $100 per lot. Its volatility value is roughly 10x a major FX pair, so brokers list precious metals on a separate rebate table.
How is the gold rebate calculated?
Net cost = spread × point value × lots − rebate × lots. Example: a Raw account with a $0.14 gold spread ($10 per point) costs $1.40 per lot; at $14 per lot rebate the real cost nears zero or goes negative.
If forex rebates are high, are gold rebates high too?
Not necessarily — the two tables are often out of proportion: some brokers are generous on forex but almost nothing on metals, so read the two columns separately.
How do I pick a gold rebate account?
Compare rebates before spreads — gold spreads differ by only a few cents between brokers while rebate gaps reach several dollars per lot, and tiers at the same broker can differ by a factor of two or more.
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