Which broker has the lowest spread on gold?
Verdict
- On published averages, IC Markets has the lowest gold spread in our data at 0.09 on its Raw Spread account; Pepperstone is our recommended gold broker for Australians, at 0.12 on Razor and 0.19 on its commission-free Standard account.
- With commission, a 100-ounce lot costs about $16 at IC Markets and about $19 at Pepperstone on either account.
- Pepperstone's Razor gold commission is AUD 4.50 per side on an AUD account, or USD 3.50 per side on cTrader.
- Pepperstone also offers a 24/7 GOLD perpetual CFD (0.03% commission per side), which IC Markets does not list in our data.
Gold spreads are quoted in dollars per ounce, so a spread of 0.12 means 12 cents an ounce, or $12 on a 100-ounce lot. Small decimals add up quickly. Here is how the published numbers compare and what they cost per trade.
Pepperstone is our gold pick, even though it is not the tightest
We recommend Pepperstone to Australian gold traders because it lets you choose between a commission-free account and a raw one at the same all-in cost, offers gold on five platforms, adds a 24/7 gold perpetual for weekend exposure, and funds instantly by PayID from $10. On pure spread IC Markets is tighter, and we show the numbers below so you can judge whether $3 a lot matters for your volume.
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Gold spreads and cost per 100-ounce lot
IC Markets' figure comes from its global pricing page; Pepperstone's UK page shows a gold minimum of 0.08 on Razor, but minimums are not what you typically pay.
| Account | Average spread | Spread cost | Commission | Total |
|---|---|---|---|---|
| IC Markets Raw Spread | 0.09 | $9 | $7 | $16 |
| Pepperstone Razor (cTrader) | 0.12 | $12 | $7 | $19 |
| Pepperstone Standard | 0.19 | $19 | None | $19 |
which platform offers the best prices for gold trading?
Price is set by the broker, not the platform, but the platform decides your commission at Pepperstone. On an AUD account, Razor gold costs AUD 4.50 per side on MT5; on cTrader the XAU/USD commission is USD 3.50 per side in a USD account. Standard-account gold carries no commission on any platform. If you only trade gold occasionally, Standard's single 0.19 spread is the simplest choice at the same total cost.
Gold-specific terms to check
- Retail leverage: 1:20 on gold at Pepperstone in Australia, meaning 5% margin; Capital.com also lists 20:1 on gold.
- Overnight swap: gold positions held past rollover pay or receive a swap; check the rate in the platform.
- GOLD perpetual: trades 24/7 with a daily funding charge instead of a swap; Pepperstone's Australian pages do not say whether retail clients can trade it.
- Stops: Pepperstone does not offer guaranteed stop-losses, and gold can gap over weekends and on US data.
Sources
Is gold cheaper on Pepperstone Razor or Standard?
About the same per 100-ounce lot on published averages: $12 of spread plus $7 commission on Razor, or $19 of spread on Standard.
Can I trade gold in Australian dollars?
You can hold an AUD account and trade XAU/USD; the result is converted to AUD. Our facts do not cover a separate XAU/AUD price.
How much margin does one lot of gold need?
At 1:20, 5% of the position value. On a 100-ounce lot, that is five ounces' worth of gold at the current price.
Gold CFDs are leveraged and volatile; you can lose money rapidly. Spreads quoted are broker-published averages and can widen sharply around news. Read the PDS and TMD before trading; this is not investment advice.