JustChartsWhat Is 1 Lot of Gold (XAU/USD)? Contract Size, Pip Value and Margin
1 standard lot of gold (XAU/USD) is usually 100 troy ounces. That means every $1 change in the gold price is worth $100 per lot, $10 per 0.1 lot and $1 per 0.01 lot. Brokers can define gold contracts differently, so confirm the contract size in your platform.
Key facts
- 1 lot
- 100 oz → $100 per $1 move
- 0.1 lot (mini)
- 10 oz → $10 per $1 move
- 0.01 lot (micro)
- 1 oz → $1 per $1 move
- Price quoted
- US dollars per troy ounce
- Smallest price step
- usually $0.01
What does XAU/USD mean?
XAU is the international code for one troy ounce of gold, and USD is the US dollar. A quote of XAU/USD 2,400.50 means one troy ounce of gold costs $2,400.50.
Gold lot sizes
| Lot size | Ounces | Value of a $1 move | Value of a $0.10 move |
|---|---|---|---|
| 1.00 (standard) | 100 oz | $100 | $10 |
| 0.10 (mini) | 10 oz | $10 | $1 |
| 0.01 (micro) | 1 oz | $1 | $0.10 |
What is a pip in gold?
There is no single standard. Many brokers quote gold to two decimals (2,400.50) and call the smallest step — $0.01 — a point, while traders often call a $0.10 move a pip. With 100 oz per lot:
- $0.01 move × 100 oz = $1 per lot
- $0.10 move × 100 oz = $10 per lot
- $1.00 move × 100 oz = $100 per lot
To avoid confusion, think in dollars of price movement: “my stop is $5 away” is unambiguous; “my stop is 50 pips away” depends on your broker.
How much margin do you need for 1 lot of gold?
Margin = gold price × 100 oz × lots ÷ leverage
At a gold price of $2,400, one lot is a $240,000 position. At 1:20 leverage (the usual retail cap for gold in the UK, EU and Australia) the margin is $12,000; at 1:100 it is $2,400; 0.01 lot needs one hundredth of that. Brokers may also raise margin requirements around big news or weekends.
Why gold moves so much
Gold commonly moves $15–$40 in a day, and much more on US jobs, inflation or Fed days. On one standard lot a $30 move is $3,000. That is why position size matters more in gold than in most currency pairs — see how to size a position.
Frequently asked questions
How many ounces is 1 lot of gold?
At most brokers, 100 troy ounces. 0.1 lot is 10 ounces and 0.01 lot is 1 ounce.
How much is 1 pip in gold for 1 lot?
If a pip means a $0.10 price move, it is $10 per standard lot of 100 ounces. If your broker calls $0.01 a pip, it is $1 per lot.
How much money do I need to trade 0.01 lot of gold?
At a gold price of $2,400 and 1:20 leverage, 0.01 lot (1 oz) needs about $120 of margin — but you should also have enough balance to absorb normal price swings.
What does XAU stand for?
XAU is the ISO 4217 code for one troy ounce of gold. “Au” comes from aurum, the Latin word for gold.
Put it into practice
Live charts, an economic calendar and trading calculators — free with a JustCharts account.
Open the live XAU/USD chartThis article is for education only and is not financial advice. Trading leveraged products carries a high risk of losing money. Contract sizes, trading hours and leverage limits vary by broker and country — always check your own broker’s specifications.