Commodities
Gold
The most widely traded precious metal, quoted in US dollars per troy ounce and watched as a hedge and safe-haven asset.
Gold chart
- Spot metal
- Intraday · may be delayed
- OANDA:XAUUSD
Spot gold (XAU/USD) quoted by OANDA in US dollars per troy ounce. Spot quotes differ from COMEX gold futures (GC) by a cost-of-carry premium.
About the Gold
Gold trades around the clock on weekdays, with the largest activity in the London over-the-counter market and on COMEX in New York. Spot gold is quoted as XAU/USD — US dollars per troy ounce.
Gold pays no income, so its opportunity cost rises when real (inflation-adjusted) interest rates rise. That is one reason gold is often discussed alongside Treasury yields and the dollar.
Demand comes from jewelry, investment (bars, coins and ETFs), central-bank reserve purchases and industry. Central-bank buying has been a significant part of demand in recent years, which can weaken historical relationships with yields.
What moves Gold
Common drivers. None of them determine price on their own.
- Real yields
- Falling real yields lower the opportunity cost of holding gold and have often coincided with gold strength; rising real yields have tended to be a headwind.
- US dollar
- Because gold is priced in dollars, a weaker dollar can make it cheaper for non-US buyers. The inverse relationship is common but not stable.
- Central-bank demand
- Official-sector purchases add a source of demand that is less sensitive to short-term rate moves.
- Risk and geopolitics
- Gold is often bought during periods of financial or geopolitical stress, though it can also be sold when investors need liquidity.
- Inflation and Fed path
- CPI and FOMC outcomes move gold mainly through their effect on real yields and the dollar.
Gold trading hours
Regular schedules in US Eastern time unless noted. Holidays and early closes are not shown.
| Venue | Hours | Note |
|---|---|---|
| Spot gold (OTC) | Approx. Sun 6:00 p.m. – Fri 5:00 p.m. ET | Brief daily pause around 5:00 p.m. ET at most brokers |
| COMEX gold futures (CME Globex) | Sun–Fri 6:00 p.m. – 5:00 p.m. ET (daily 5:00–6:00 p.m. ET break) | — |
| Most liquid window | London morning through the New York morning (approx. 3:00 a.m. – 12:00 p.m. ET) | — |
Economic events that matter for Gold
Why each release can move this market. Reactions depend on the surprise versus expectations and on the backdrop.
| Event | Why it can matter for Gold |
|---|---|
| CPI Next: | Inflation surprises can move real yields and the US dollar, both of which are major inputs for gold. The direction is not mechanical: a hot print can weigh on gold if it lifts real yields, or support it if it raises demand for inflation hedges. |
| FOMC Next: | Gold pays no interest, so the expected path of real rates — the opportunity cost of holding it — and the dollar's reaction to the Fed are two of its main scheduled drivers. |
| NFP Next: | Gold usually reacts to payrolls through the yield and dollar moves the report triggers rather than the jobs number itself; a weak report that lowers expected rates has often supported it. |
| PCE Next: | As the Fed's preferred inflation gauge, PCE can shift real-rate expectations, though gold's reaction is usually smaller than to CPI because the result is largely estimated in advance. |
Gold FAQ
What are gold trading hours?
Spot gold trades nearly 24 hours a day from Sunday evening to Friday afternoon (US Eastern time). COMEX gold futures trade on CME Globex from Sunday 6:00 p.m. to Friday 5:00 p.m. ET with a daily one-hour break at 5:00 p.m. ET. Liquidity is usually highest when London and New York overlap.
How does CPI affect gold?
CPI changes expectations for Fed policy and real yields. A hotter-than-expected print can pressure gold if it pushes real yields and the dollar higher, but gold can also rise if investors focus on inflation protection. The reaction depends on context and expectations.
What is the difference between XAU/USD and GC futures?
XAU/USD is the spot over-the-counter price for immediate delivery. GC is a COMEX futures contract for 100 troy ounces delivered in a future month, so it usually trades at a small premium to spot reflecting interest and storage costs.