Gold (XAU/USD) (XAUUSD)

Gold (XAU/USD) overview

Spot gold is quoted in US dollars per troy ounce. It is one of the most heavily traded CFD instruments on the planet — both a safe-haven asset in equity drawdowns and a real-rates trade that benefits when inflation outpaces nominal yields.

What moves gold

• Real US yields — the single largest driver. Falling real rates = gold up.
• US dollar index (DXY) — strong inverse correlation, typically –0.7 over 90 days.
• Central bank demand — emerging-market central banks have been net buyers since 2022.
• Geopolitical risk — Middle East, US-China tensions trigger safe-haven bids.
• Inflation prints — CPI surprises move gold 1–2% intraday.

Typical spread

XAU/USD spreads run 15–35 cents on ECN-style brokers, 40–80 cents on standard accounts. Watch overnight swap fees — gold can have meaningful financing costs on leveraged positions.