Which broker has the lowest spreads on XAUUSD?
Verdict
- Pepperstone has the lowest XAUUSD spread we can verify: a published 0.12 average on Razor (plus $3.50 commission per side) and 0.19 on the commission-free Standard account.
- Its UK cost page shows a Razor minimum of 0.08 on spot gold; the average is the better guide to what you will pay.
- Capital.com and XS publish no XAUUSD average in our data, so they cannot be ranked on this question.
- Hong Kong residents trade through Pepperstone Markets Limited (Bahamas, SCB SIA-F217); Pepperstone holds no SFC licence.
The lowest published XAUUSD spread we can source belongs to Pepperstone's Razor account. A raw spread is only half the bill, though, so this page converts it into an all-in cost, shows when Razor beats Standard and when it doesn't, and explains why the platform you pick changes nothing on gold.
The tightest published gold spread we found
Pepperstone publishes an average XAU/USD spread of 0.12 on Razor and 0.19 on Standard. Among the brokers that accept Hong Kong residents and publish a gold average we can verify, that is the lowest. Razor adds $3.50 per side in commission; Standard adds nothing. Gold is priced in dollars per ounce, so a 0.12 spread means 12 cents per ounce.
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Minimum versus average
Brokers often lead with a minimum. Pepperstone's UK cost page lists spot gold from 0.08 on Razor and 0.19 on Standard; its average figures are 0.12 and 0.19. A minimum is the best moment of the day, an average is what a typical trade sees. When you compare brokers, compare averages with averages; a 'from' figure against an average flatters whoever quotes the minimum.
Razor or Standard: a worked cost
Assume your platform's gold contract is 100 ounces per lot (confirm this in the symbol specification). One lot opened and closed, at published figures:
- Razor at the 0.12 average: $12 spread + $7 commission = $19.
- Standard at the 0.19 average: $19, no commission.
- Razor at the 0.08 minimum: $8 + $7 = $15.
- So at average conditions the two accounts cost about the same on gold; Razor pulls ahead only when spreads sit near their floor.
Your platform doesn't change the gold commission
On FX, cTrader is Pepperstone's cheapest Razor platform at $3.00 per side. On XAU/USD it charges $3.50 per side, $7 round trip, the same as MT5, TradingView and the Pepperstone app. So choose the platform for its tools, not for a gold discount.
Capital.com and XS on gold
| Broker | XAUUSD average | Commission | SFC licence |
|---|---|---|---|
| Pepperstone Razor | 0.12 | $3.50 per side | No |
| Pepperstone Standard | 0.19 | None | No |
| Capital.com | Not published in our data | Not published | Not listed |
| XS | Not published in our data | Not published | Not listed |
Sources
Figures as published by each broker or regulator on its own site.
What is Pepperstone's average XAUUSD spread?
0.12 on Razor, with $3.50 commission per side, and 0.19 on Standard with no commission, as published by Pepperstone.
Is cTrader cheaper for gold at Pepperstone?
No. cTrader's lower $3.00 commission applies to FX. Gold costs $3.50 per side on cTrader, as on the other platforms.
Can Hong Kong residents trade gold with Pepperstone?
Pepperstone's international site, run by its Bahamas entity, serves Hong Kong. It holds no SFC licence, so you would not be dealing with a Hong Kong-regulated firm.
Leveraged CFD trading carries a high risk of rapid losses and is not right for every investor. This article is information only, not a recommendation to trade and not investment advice. Verify costs and eligibility directly with the broker.