- XM lists gold (XAU/USD) and silver (XAG/USD) as CFDs in the same MT4/MT5 terminal as forex — one account, separate specifications
- On 29 September 2026 gold was about $4,125 and silver about $60.6, putting the gold/silver ratio near 68
- Silver roughly halved from its 29 January record of about $121.6 while gold fell about 26% from its record, showing silver's larger percentage swings
- At $4,125, 0.01 lot of gold (1 oz) moves $1 per $1; at $60.6, 0.01 lot of silver is often 50 oz and moves $0.50 per 1 cent — check your spec
- Gold and silver often fall together when real yields rise, as in September 2026, so treat them as one risk budget
Partner disclosure: ForexTradeLab may earn partner compensation when you join XM through our links. XM's pricing and terms apply independently — read the client agreement for your entity. See our affiliate disclosure.
Gold (XAU/USD) and silver (XAG/USD) are the two precious-metal CFDs most retail traders meet first, and on XM both sit in the same MT4/MT5 symbol list as forex. This guide explains how the two metals differ, using verified prices as of 29 September 2026. It is education, not a buy or sell recommendation.
Precious metals snapshot — 29 September 2026#
| Indicator | Verified reading |
|---|---|
| Spot gold (XAU/USD) | About $4,125/oz; intraday low $4,111 on 28 Sep, lowest since 5 August |
| Gold record | About $5,589/oz (28 Jan 2026); now about 26% below |
| Gold 2025 close and 2026 YTD | $4,368 (LBMA PM, 31 Dec 2025); about −5.6% YTD |
| Spot silver (XAG/USD) | About $60.6/oz |
| Silver record | About $121.6/oz (29 Jan 2026); now roughly half |
| Gold/silver ratio | About 68 |
| Fed funds target | 3.75%–4.00% after the 16 Sep 2026 hike |
| Next US catalysts | Jobs 2 Oct · CPI 14 Oct · FOMC 27–28 Oct |
| Gold ETF holdings | Record 4,189 t (end-August 2026, WGC) |
Verify live quotes before trading. Sources: Reuters/WAM, Kitco, WGC, Federal Reserve.
Practical Answer Framework#
Short Answer
Silver is not "leveraged gold." It shares gold's monetary drivers but adds an industrial component, and it usually swings more in percentage terms.
Detailed Explanation
Both metals respond to real yields, the dollar and Fed expectations. Silver also depends on industrial demand from electronics and solar, which ties it to the growth cycle. That mix makes silver more volatile: in 2026 it roughly halved from its January record while gold lost about a quarter.
Example
Gold's move from $5,589 to $4,125 is a fall of about 26%. Silver's move from $121.6 to $60.6 is a fall of about 50%. A trader who used identical dollar exposure in both metals would have lost roughly twice as much, in percentage terms, on silver.
Common Mistake
Copying the gold lot size into silver without checking contract size and volatility.
Professional Tip
Decide the dollar risk first, then back out the lot size separately for each metal.
What You Are Trading on XM: Metals CFDs, Not Bullion#
Short Answer
On XM you trade CFDs that track spot metal prices. You do not take delivery of gold or silver.
Detailed Explanation
Profit and loss come from price movement against your entry, adjusted for spread, swap (or swap-free terms where offered) and leverage, all under the contract specification of the XM entity that holds your account. Check the specification window in MT4/MT5 for:
- Contract size per lot (gold is usually 100 oz; silver is often 5,000 oz, mirroring the COMEX contract, but confirm)
- Minimum volume and step
- Value per $0.01 move (terminology varies)
- Trading hours, including daily breaks
- Margin tiers and stop-out level
Reference benchmarks sit outside the broker: the LBMA Gold Price auctions at 10:30 and 15:00 London time, and COMEX futures trade Sunday 6:00 p.m. to Friday 5:00 p.m. ET with a daily one-hour break.
Example
You open XAGUSD expecting it to behave like XAUUSD at 0.01 lot. The specification shows 50 oz per 0.01 lot, not 1 oz. Your "small" silver trade has fifty times the ounces of your gold micro trade.
Common Mistake
Assuming "0.01 lot" means the same exposure in every symbol.
Professional Tip
Keep a one-line note for each symbol: ounces per 0.01 lot and dollar value of a typical move.
Gold (XAU/USD): The Macro Anchor#
Short Answer
Gold trades mainly on real yields, the dollar, Fed expectations, central-bank demand and risk events. In September 2026 real yields dominated.
Detailed Explanation
The Fed hiked to 3.75%–4.00% on 16 September 2026, CME FedWatch priced about 70% odds of an October hike (28 Sep), the US 10-year yield reached about 5.2% and the 10-year TIPS real yield about 2.8%. Oil near $106–107 amid the US–Iran standoff kept inflation fears alive. Result: gold fell about 7% in September despite geopolitical tension. Offsetting support came from record central-bank buying (288.9 t in Q2 2026) and record ETF holdings (4,189 t in August).
Example
At $4,125, 0.10 lot of gold (10 oz) moves $10 per $1. The 28 September intraday fall of about 4% — roughly $170 — would have cost that position about $1,700.
Common Mistake
Assuming geopolitical headlines always lift gold. When they push oil and yields higher, they can do the opposite.
Professional Tip
Watch the US 10-year yield alongside XAU/USD. Deeper reading: gold XAU/USD complete guide and gold price factors.
Silver (XAG/USD): Precious Plus Industrial#
Short Answer
Silver blends investment demand with industrial consumption, which makes it more cyclical and more volatile than gold.
Detailed Explanation
Silver tends to:
- Rise faster than gold when growth optimism and investment demand coincide
- Fall faster when real yields rise and growth fears build
- Show wider spreads and more slippage in thin hours
The 2026 path illustrates this: a record of about $121.6 on 29 January, then roughly a 50% decline to about $60.6 by 29 September.
Example
At $60.6 with a 50-oz micro lot (0.01), a $1 move is worth $50. A 3% move ($1.82) would change the position by about $91 — more than twice the $41 that a 1% gold move ($41.25) produces on a 1-oz gold micro lot.
Common Mistake
Treating silver as a cheaper way to trade gold. Lower price per ounce does not mean lower risk per trade.
Professional Tip
Start silver at the smallest volume your broker allows and measure a week of live spreads before sizing up. Related analysis: silver catching gold? 2026 XAG/USD analysis.
Position sizing: Decide risk in account currency first, then back out lots. Volatility and contract-size differences between XAU and XAG are why identical lot sizes are rarely identical risk.
Contract Maths: Gold vs Silver at Current Prices#
Short Answer
At $4,125 gold and $60.6 silver, a micro lot of gold is about $4,125 of exposure; a 50-oz micro lot of silver is about $3,030.
Detailed Explanation
| Item | Gold (XAU/USD) | Silver (XAG/USD) |
|---|---|---|
| Price (29 Sep 2026) | ≈ $4,125 | ≈ $60.6 |
| Typical ounces per 1.00 lot | 100 | 5,000 (confirm with broker) |
| Notional per 1.00 lot | ≈ $412,500 | ≈ $303,000 |
| Notional per 0.01 lot | ≈ $4,125 | ≈ $3,030 |
| Value of $1 move per 0.01 lot | $1 | $50 |
| Value of $0.01 move per 1.00 lot | $1 | $50 |
| Margin per 1.00 lot at 1:20 (illustrative) | ≈ $20,600 | ≈ $15,150 |
Example
Account $5,000, risk 1% ($50).
- Gold: stop $40 away → 0.01 lot risks $40. Fits.
- Silver: stop $0.80 away (about 1.3%) → 0.01 lot (50 oz) risks $40. Fits.
- Silver at 0.10 lot (500 oz) with the same stop risks $400 — 8% of the account.
Common Mistake
Using "pips" loosely. A gold "pip" and a silver "pip" can mean different price increments on different platforms.
Professional Tip
Express every stop in dollars per ounce and every position in ounces. Tools: lot calculator · gold lot size guide.
The Gold/Silver Ratio: Context, Not a Strategy#
Short Answer
The ratio is gold price divided by silver price. It was about 68 on 29 September 2026 — useful context, not a timing signal.
Detailed Explanation
Using the two records set a day apart (gold about $5,589 on 28 January, silver about $121.6 on 29 January), the ratio was roughly 46. By 29 September it had widened to about 68 because silver fell further than gold. Ratios can stay stretched for long periods when rates, mining supply or industrial demand shift.
Example
A trader sees the ratio move from about 46 to 68 and buys silver "because it is cheap versus gold." If real yields keep rising, both metals can keep falling, and the ratio can widen further.
Common Mistake
Treating a ratio level as a guarantee of mean reversion.
Professional Tip
If you trade ratio ideas, treat them as multi-month macro themes and size them as a spread (long one, short the other in matched dollar terms), not as a single directional bet.
Sessions and Liquidity#
Short Answer
Metals follow FX-style sessions; the London–New York overlap is usually the busiest period.
Detailed Explanation
| Window | Why it matters |
|---|---|
| London open | Large OTC flow; LBMA gold auction at 10:30 London |
| US session | US data at 8:30 a.m. ET, yields, dollar repricing |
| Overlap | Often the deepest liquidity for spot metals |
| Asian hours | Thinner books; silver spreads can widen noticeably |
Next scheduled US events: jobs report on 2 October, CPI on 14 October (8:30 a.m. ET) and the FOMC decision on 28 October. Broker CFD hours follow XM's server time and holiday schedule.
Example
Placing a silver market order during a quiet Asian hour can fill well away from the last chart price if the spread has widened.
Common Mistake
Holding full size in silver through CPI because "gold is calm."
Professional Tip
Check XM's live spread column at your trading hour for both symbols. More: XAU/USD trading hours and XAU/USD news trading.
Risk Management Checklist for Metals#
- Confirm the live price for both metals before any order
- Read the contract size for XAUUSD and XAGUSD on your XM account
- Size each metal from dollar risk, not lot habit
- Treat long gold plus long silver as one directional bet
- Reduce size into 2 Oct (jobs), 14 Oct (CPI) and 28 Oct (FOMC)
- Check swap or swap-free terms for multi-day holds
- Expect wider silver spreads in thin hours
- Journal which driver moved the metals: yields, dollar, fear or industrial demand
Gold vs Silver at a Glance#
| Dimension | Gold (XAU/USD) | Silver (XAG/USD) |
|---|---|---|
| Main narratives | Real yields, USD, central-bank demand, geopolitical risk | Industrial cycle, solar and electronics demand, risk sentiment |
| 2026 move from record | About −26% | About −50% |
| Volatility | High in dollar terms | Usually higher in percentage terms |
| Typical use | Macro trading, hedging themes | Faster swings; stricter sizing |
Glossary#
| Term | Meaning |
|---|---|
| XAU/USD | Dollar price of one troy ounce of gold |
| XAG/USD | Dollar price of one troy ounce of silver |
| Gold/silver ratio | Gold price ÷ silver price; about 68 on 29 Sep 2026 |
| Contract size | Ounces per 1.00 lot; varies by metal and broker |
| Real yield | Bond yield minus expected inflation; about 2.8% on 10-year TIPS in late Sep 2026 |
| Slippage | Difference between expected and actual fill price |
| Swap | Overnight financing charge or credit |
Key Takeaways#
- XM lists both metals in the same MT4/MT5 terminal as forex, with separate specifications.
- Gold near $4,125 and silver near $60.6 put the ratio around 68.
- Silver's 2026 decline from its record was about twice gold's in percentage terms.
- Rising real yields hit both metals in September 2026 — they are not diversification for each other.
- Size from dollar risk and ounces, never from lot labels.
Start Trading Gold and Silver on XM#
- Read What is XM? for licences and platforms.
- Register via Start Trading — XM — metals CFDs sit in the same symbol list as forex once your platform is logged in.
- Use demo first to learn contract size and tick value for XAU vs XAG, then compare the XM gold account guide.
Related Reading#
- Gold XAU/USD trading complete guide (pillar)
- Silver catching gold? 2026 XAG/USD analysis
- Gold price factors complete guide
- Gold–dollar correlation trading
- How much capital to trade gold
Suggested future articles: silver contract sizes compared across brokers; trading the gold/silver ratio as a spread; industrial silver demand and solar in 2026.
Comments 12
The gold-silver ratio section is what sets this apart from other metals guides. When the ratio exceeds 80 it's historically a signal that silver is undervalued relative to gold, and mean reversion trades on XAG/USD have been profitable for me in those conditions.
This pairs well with the other guides on this site. Reading them together gives a comprehensive picture of what's actually involved. That detail makes the guide feel more practical. The example is what made the point stick.
The data-driven approach here sets this apart from opinion pieces. Nice to see actual statistics and research backing the claims. That detail makes the guide feel more practical.
The metals section works because it separates gold from silver instead of treating them as the same trade. Silver's industrial demand makes the risk profile very different.
Exactly the reality check I needed. Was getting too caught up in social media traders showing unrealistic results. That detail makes the guide feel more practical. The example is what made the point stick.
Spent 30 minutes going through this carefully and taking notes. More valuable than most paid courses I've seen advertised. That detail makes the guide feel more practical.
The emphasis on understanding before acting is important. Too many people jump in without the foundation this article provides. The risk reminder is what makes it useful. The example is what made the point stick.
Silver's volatility is even more extreme than gold and I wish the guide hammered this point harder. XAG/USD can move 5% in a session while XAU/USD does 1-2%. Position sizing needs to be adjusted drastically — I use roughly 40% of my gold position size on silver trades.
I forwarded this to a friend who's considering starting forex. Better they read this first than learn through expensive mistakes. The risk reminder is what makes it useful. The example is what made the point stick.
Clean writing, logical structure, useful content. Three things most forex articles online fail to achieve simultaneously. The risk reminder is what makes it useful. The example is what made the point stick.
My trading improved noticeably after taking a more structured approach like what's described here. Consistency is key. That detail makes the guide feel more practical.
Could you add a section on platinum and palladium as well? XPT/USD and XPD/USD are offered by many of the same brokers and the supply-demand dynamics are completely different from gold and silver. Would make this a true comprehensive metals guide.
Add a useful note for other traders. We review comments before publishing.