In the Forex market, gold (MT4 symbol XAUUSD) is considered a form of currency as is silver (MT4 symbol XAGUSD). Trading in gold is
electronic, the same as other currencies. Spot gold and silver is traded in a similar way to margin FX although are still classified as a CFD
Spot gold and silver can only be traded against United States dollars (USD). Prices are always expressed in terms of the US dollar. Like foreign currency rates, trading spot gold and silver does not require the "physical" purchase or sale of the underlying commodities. You do not purchase gold that you can hold.
The trading method for gold is called 'over the counter' or OTC. OTC deals are not part of the Stock or Futures Exchange of any country and so the deals are not controlled by the same methods as the Exchange. OTC trading is performed directly between the seller and the buyer, that is between you and Myfx Markets.
|Gold||XAUUSD||01:00||24:00||00:00 – 01:00|
|Silver||XAGUSD||01:00||24:00||00:00 – 01:00|
|Platinum||XPTUSD||01:00||24:00||00:00 – 01:00|
|Palladium||XPTUSD||01:00||24:00||00:00 – 01:00|
The price of gold is measured by its weight. The price shows how much it costs for one ounce of gold in US dollars. For example, if the gold
(XAUUSD) price is $1600.00, it means that an ounce of gold is traded at US$1600.00. Similarly, the price of silver is its price per ounce in
USD. If the silver (XAGUSD) price is 28.00, it means that an ounce of silver is traded at US$28.00.
If you have bought gold for $1600, you do not have an ounce of gold that you can hold, but you rather have the obligation to buy XAU at US$1600. When you close your position, you sell the XAU (gold) and close your exposure. If you sell it for $1605.00, you have made profit of $5 for every ounce (unit) of gold in your contract. The same theory applies to silver trading. If you have bought silver (XAGUSD) for $28.00 and sell at $28.50, you would have made a profit of $0.50 for every ounce of silver in your contract. Trading in gold and silver is easy with Myfx Markets. To establish an account to trade gold (XAU) or silver (XAG), open an account NOW.
Warning: FX market involves significant risks, including complete possible loss of funds. Consequently trading is not suitable for all investors and traders. By increasing leverage risk increases as well.
Myfx Markets, the trading name of AXIS INC. , provides you with educational resources to help you become familiar with all the trading features and tools in the trading platform. With the demo account you can test any trading strategies you wish in a risk-free environment. Please bear in mind that the results of the transactions of the practice account are virtual, and do not reflect any real profit or loss or a real trading environment, whereas market conditions may affect both the quotation and execution. FX products are leveraged products and trading FX therefore involves a high level of risk that may not be suitable for everyone. Myfx Markets recommends that you ensure that you fully understand the risks involved before making any decision concerning Myfx Markets' products. Independent advice should be sought if necessary.
Legal: Myfx Markets, the trading name of AXIS INC., is incorporated under registered number 24078IBC2017 by the Registrar of International Business Companies, and registered by the Financial Services Authority.
Current Disclaimer: The content of this website does not constitute a recommendation and, consequently, you should consider the information in light of your objectives, financial situation and needs before making any decision about whether to acquire any MYFX Markets' financial products. A Disclosure Document is available here or sending email to email@example.com or by calling +64 9 889 4022, which should be considered prior to acquiring or continuing to hold CFDs. Information about our services, including our fees and charges is also available at those sources.
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