Here's a support ticket we get in some form every month: "Your backtest report says the EA averages 500 points per trade. I ran it live on 0.10 lots and made $50. Where's the rest?"
Nothing is missing. Nobody got scammed. The word "pip" just means three different things on gold, and the report, the platform, and the trader were each using a different one.
30-second answer: Gold has no standard pip. Three conventions exist — 1 pip = $0.01 (many MT4/MT5 platforms), $0.10 (plenty of calculators), or $1.00 (how traders talk). Under the $0.01 convention, one standard lot (100 oz) makes $1 per pip; 0.10 lots make $0.10. For actual money math, anchor on one line: a $1 move in gold = $100 per standard lot.
Want to skip the reading and just get your number? The XAUUSD pip calculator shows pip value for any lot size under all three conventions — enter your lot size and read the answer.
This guide covers all three conventions, how to tell which one your broker uses, and how to convert between them when reading reports.
Why gold's pip is a mess
Forex pips have decades of consensus behind them: EUR/USD's pip is 0.0001, fourth decimal, everyone agrees. Gold never got that treaty. It was bolted onto forex platforms later, quoting like 3305.67 — so which digit is "the pip"? Some count the last decimal ($0.01), some the second-to-last ($0.10), some just talk in whole dollars. All three camps are alive and well. (The contract itself mostly follows the <a href="https://www.cmegroup.com/markets/metals/precious/gold.contractSpecs.html" target="_blank" rel="noopener">COMEX gold futures</a> 100 oz sizing, though your broker's Specification window has the final word.)
Then MT4/MT5 adds its own concept on top: the point, one unit of the last displayed decimal (<a href="https://www.mql5.com/en/docs/constants/environment_state/marketinfoconstants" target="_blank" rel="noopener">SYMBOL_POINT</a> in the MQL5 docs — usually, though not always, the same as the symbol's tick size). On a 2-decimal platform, 1 point = $0.01. On a 3-decimal platform, 1 point = $0.001. Backtest reports count in points (unless the EA defines its own units) — which means the same EA reports 500 points on a 2-decimal broker and 5,000 points on a 3-decimal one. Same strategy, same trades, 10x the number.
Now the support ticket solves itself: the report's 500 points were platform points on a 2-decimal feed — a $5 price move. On 0.10 lots (10 oz), that's $5 × 10 oz = $50. Every number was right. The unit was lying.
The full matrix: three conventions × four lot sizes
Pip value = the convention's price increment × ounces held. One standard lot is 100 oz, so:
| Lot size (ounces) | $0.01 convention | $0.10 convention | $1.00 convention |
|---|---|---|---|
| 0.01 lots (1 oz) | $0.01 | $0.10 | $1 |
| 0.10 lots (10 oz) | $0.10 | $1 | $10 |
| 0.50 lots (50 oz) | $0.50 | $5 | $50 |
| 1.00 lots (100 oz) | $1 | $10 | $100 |
Same position, and the quoted "pip value" differs by 10x or 100x depending on who's counting. Every cell still reduces to one anchor:
A $1.00 move = $100 per standard lot, $10 per 0.10 lots, $1 per 0.01 lots
Our standing advice from the <a href="/en/classroom/how-to-calculate-lot-size-for-gold">gold lot size guide</a> applies here too: when sizing positions, skip pips and work in dollar distance. But when you're reading an EA report, reconciling a statement, or arguing with someone on a forum, you can't escape their pips — so keep this matrix handy.
Or skip the table: the XAUUSD pip calculator takes a lot size and shows the value under each convention, labeled.
How to tell which convention your broker uses
Three steps, thirty seconds:
Step one: count the decimals. Quotes like 3305.67 (two decimals) mean 1 point = $0.01. Quotes like 3305.671 mean 1 point = $0.001. This sets what "points" means in your EA reports and platform stats.
Step two: open the contract spec. Right-click XAUUSD in MT4/MT5 → Specification. Confirm Contract Size = 100. That sets what each point is worth in money.
Step three: if still unsure, test with 0.01 lots. Open a 1 oz position, watch the price move $1, and your P/L should move exactly $1. Cheapest empirical proof there is — spread cost on 1 oz is usually under a buck.
This three-step check has closed a lot of "the EA doesn't match the sales page" tickets for us. Almost every time, the EA was fine. The two sides were just counting different pips.
What if my account isn't in USD?
Everything above assumes a USD account. If yours runs in EUR, GBP, or anything else, add one conversion:
Pip value (account currency) = pip value (USD) converted at the current FX rate
A EUR account with EUR/USD at 1.08: that $100-per-$1-move on a full lot becomes 100 ÷ 1.08 ≈ €92.60. (Divide when the rate is quoted as XXX/USD like EUR/USD; multiply when it's quoted as USD/XXX like USD/JPY.) Your platform converts automatically, but third-party reports and your own trade journal won't — this step is the one people forget.
While we're here, one source of confusion worth killing: why is gold P/L in dollars at all? Because XAU/USD quotes "dollars per ounce of gold" — your position size is measured in the base asset (ounces of gold), your P/L lands in the quote currency (dollars). Forex works identically: one lot of EUR/USD is 100,000 euros (size follows the first symbol), pip value is ~$10 (money follows the second). Size from the front, money from the back — true across forex pairs and metals alike.
Three places pip value actually matters
Reading EA backtest reports. "Average win 350 points, max drawdown 1,200 points" means nothing until you check the platform's decimals and multiply by your planned lot size. On a 2-decimal feed, 1,200 points = a $12 price swing = $120 of drawdown on 0.10 lots. That's the number to compare against your pain threshold. Our <a href="/en/classroom/ea-backtest-guide">backtesting guide</a> covers the full report-reading workflow.
Setting stops and targets. Some order panels want stop distance in points. A $5 stop is 500 points on a 2-decimal platform and 5,000 on a 3-decimal one. Get the magnitude wrong and your stop is either useless or instantly hit.
Auditing spread costs. A "25 point" gold spread under the $0.01 convention is $0.25. On 0.10 lots that's $0.25 × 10 oz = $2.50 per round trip. If you trade frequently, that line item adds up — the <a href="/en/tools/spread-calculator/xauusd">XAUUSD spread calculator</a> does this math for you.
FAQ
How much is 100 pips in gold? Depends on the convention — that's the whole point of this article. Under $0.01: 100 pips = a $1 move = $100 per standard lot, $10 on 0.10 lots. Under $0.10: 100 pips = a $10 move = $1,000 per lot. Agree on units before you agree on numbers.
What's the pip value of 0.01 lots of gold? $0.01 per pip under the cent convention (1 oz × $0.01). Put simply: on 0.01 lots, a $1 move in gold moves your account $1. That one-to-one mapping is why we recommend micro lots for learning gold — the math runs in your head.
Why don't my EA report's points match my pips? Backtest reports count platform points — the smallest quote increment, which depends on the broker's decimal places. Your mental "pip" is probably $0.10 or $1.00. Check the decimals first, then divide by 10 or 100 as needed.
Is silver's pip value the same as gold's? No. One standard lot of XAGUSD is 5,000 oz, so a $0.01 move is $50 per lot — 50x gold's value under the same convention (at standard contract sizes). Check the spec before switching metals.
Does pip value change when the gold price changes? Not on a USD account. Pip value depends only on contract size and convention — at $2,000 gold or $4,000 gold, a $1 move on one lot is $100 either way. What does change with price: margin (under the usual leverage-based model, notional = price × 100 oz) and the size of typical daily swings.
The short version
- Gold has no standard pip — three conventions ($0.01 / $0.10 / $1.00); agree on units before comparing numbers
- Anchor: a $1 move = $100 per standard lot; everything converts from there
- EA reports count platform points: 2 decimals → $0.01, 3 decimals → $0.001
- Identify your broker's convention: count decimals → check Contract Size → test with 0.01 lots
- Non-USD accounts: divide by your currency's USD rate
For live numbers, the XAUUSD pip calculator shows every convention at your lot size. For turning pip math into position sizes, read the <a href="/en/classroom/how-to-calculate-lot-size-for-gold">gold lot size guide</a> or go straight to the <a href="/en/tools/position-size-calculator/xauusd">XAUUSD position size calculator</a>. And if you'd rather see it on the chart itself, our free <a href="/en/products/pip-calculator">trade calculator panel</a> puts pip value, lot sizing and margin in one MT5 panel — attach it and the numbers update with every symbol you click.
Risk disclosure: Trading forex and precious metals on margin involves leverage and carries a high level of risk, including the possible loss of all deposited funds. This article is an educational walkthrough of pip value conversion, not investment advice. Contract specifications vary between brokers — always verify against your broker's Specification window.
About the author: The FXTool team builds and tests MetaTrader trading tools daily. We run every EA we sell on live accounts and publish the results. This guide reflects what we've learned from building 50+ EAs and working with thousands of retail traders.