Guide · 2 min read

XAUUSD vs gold futures (GC): what is the difference?

Short answer: XAUUSD at an MT5 broker is usually a CFD on the spot gold price, with flexible lot sizes, no expiry and a daily swap for holding overnight. Gold futures (GC) are exchange contracts for 100 troy ounces that expire on set dates, with the cost of carry built into the price. Both follow the same gold market, so their prices move together but are not identical.

Published: 24 October 2026.

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Many traders watch futures charts and trade XAUUSD, or the other way round, and wonder why the prices differ by several dollars. The reason is what each one is.

Side by side

What it is: XAUUSD is a contract with your broker on the spot price. GC is a standardised contract traded on an exchange.
Size: XAUUSD lots are often 100 ounces, with mini and micro lots down to 1 ounce of exposure or less. GC is 100 ounces; the micro contract is 10.
Expiry: XAUUSD normally has none. GC expires, and longer holders roll to the next month.
Holding cost: XAUUSD charges a daily swap. In GC the carry cost sits in the price gap to spot.
Trading cost: XAUUSD has the spread and maybe a commission. GC has exchange and broker fees plus its own spread.
Hours: almost the same week. See gold trading hours.

Why the prices differ

A futures price is roughly spot plus the cost of holding gold until the contract's date, mostly interest. So the front-month contract usually trades above spot, and the gap narrows towards expiry. On top of that, each broker builds its own XAUUSD quote, so two brokers can show slightly different prices.

What a move is worth

On 100 ounces, a 1 dollar move is worth 100 dollars, whether it is one GC contract or one 100-ounce XAUUSD lot. Our contract calculator shows ticks and moves for GC, the micro contract and other markets, and what a pip is worth on gold covers the CFD side.

Futures data, CFD trading

Some useful gold data comes from the futures market, such as the weekly positioning in the COT report. It describes the same gold market a CFD trader trades, even if the instrument is different. Our guide on how to read the COT report for gold explains it.

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FAQ

Is XAUUSD the same as gold futures?

No. XAUUSD at an MT5 broker is usually a CFD on the spot gold price. Gold futures (GC) are exchange contracts for 100 troy ounces that expire on set dates. Their prices are close but not the same.

Why is the gold futures price higher than spot?

A futures price includes the cost of carrying gold until the contract's date, mainly interest. So futures usually trade above spot, and the gap shrinks as expiry gets closer.

Do gold CFDs expire?

Spot XAUUSD CFDs normally do not. Instead you pay or receive a daily swap for holding overnight. Futures expire, so a trader holding for longer rolls into the next contract.

What is the contract size of gold futures?

The standard gold contract is 100 troy ounces, and there is a micro contract of 10 ounces. Our contract calculator shows what a tick and a move are worth on each.

Which is cheaper to trade, XAUUSD or gold futures?

It depends on size and holding time. CFDs charge through the spread, any commission and the swap. Futures charge exchange and broker fees, and their carry cost sits in the price. Compare the full cost for the way you trade.

Do XAUUSD and gold futures trade at the same hours?

Nearly. Both run from Sunday evening to Friday evening New York time, with a daily break at 5:00 pm. Your broker's server clock and holiday hours can differ.

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An educational tool. It is not investment advice. Trading leveraged products such as gold CFDs carries a high risk of losing money, and you can lose all of it.

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XAUUSD vs gold futures (GC): what is the difference?

Side by side

Why the prices differ

What a move is worth

Futures data, CFD trading

FAQ

Gold EA Checking Kit, $9

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