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.
