| Lots | Gold | 1 pip | 10 pips | 100 pips | $1 move |
|---|---|---|---|---|---|
| 0.01 | 1 oz | $0.10 | $1.00 | $10.00 | $1.00 |
| 0.02 | 2 oz | $0.20 | $2.00 | $20.00 | $2.00 |
| 0.03 | 3 oz | $0.30 | $3.00 | $30.00 | $3.00 |
| 0.05 | 5 oz | $0.50 | $5.00 | $50.00 | $5.00 |
| 0.10 | 10 oz | $1.00 | $10.00 | $100.00 | $10.00 |
| 0.15 | 15 oz | $1.50 | $15.00 | $150.00 | $15.00 |
| 0.20 | 20 oz | $2.00 | $20.00 | $200.00 | $20.00 |
| 0.25 | 25 oz | $2.50 | $25.00 | $250.00 | $25.00 |
| 0.30 | 30 oz | $3.00 | $30.00 | $300.00 | $30.00 |
| 0.50 | 50 oz | $5.00 | $50.00 | $500.00 | $50.00 |
| 0.75 | 75 oz | $7.50 | $75.00 | $750.00 | $75.00 |
| 1.00 | 100 oz | $10.00 | $100.00 | $1,000.00 | $100.00 |
| 1.50 | 150 oz | $15.00 | $150.00 | $1,500.00 | $150.00 |
| 2.00 | 200 oz | $20.00 | $200.00 | $2,000.00 | $200.00 |
| 3.00 | 300 oz | $30.00 | $300.00 | $3,000.00 | $300.00 |
| 5.00 | 500 oz | $50.00 | $500.00 | $5,000.00 | $500.00 |
| 10.00 | 1000 oz | $100.00 | $1,000.00 | $10,000.00 | $1,000.00 |
0.25 lots × 100 oz × $0.10 = $2.50 per pip
Need a size that isn't listed? Use the pip value calculator: type any lot size and any number of pips.
If your broker counts pips differently
A few platforms call every $0.01 a pip, and in conversation some people call $1 a pip. Here is the value of "one pip" on 1 lot under each convention. A $5.00 move is still $500 on one lot either way; only the pip count changes. More on that in what is a pip in gold.
| 1 pip = | 1 pip, 1 lot | 1 pip, 0.01 lot | Pips in a $5 move |
|---|---|---|---|
| $0.10 (standard) | $10.00 | $0.10 | 50 |
| $0.01 | $1.00 | $0.01 | 500 |
| $1.00 | $100.00 | $1.00 | 5 |
If your contract isn't 100 oz
Most MT4/MT5 brokers use 100 oz per lot, but some list gold as 10 oz or 1 oz per lot, and futures are different again (COMEX GC is 100 oz, MGC micro is 10 oz). Check Contract size in the symbol specification. Pip value scales directly with ounces:
| Contract | 1 pip, 1 lot | 1 pip, 0.10 lot | $1 move, 1 lot |
|---|---|---|---|
| 100 oz | $10.00 | $1.00 | $100.00 |
| 10 oz | $1.00 | $0.10 | $10.00 |
| 1 oz | $0.10 | $0.01 | $1.00 |
Pip value in GBP and EUR accounts
Gold's profit and loss is made in US dollars and converted into your account currency. So the dollar figures above are exact, and the pound or euro figure is the dollar figure × today's rate. If 1 USD buys £0.79, one pip on 1 lot is $10 × 0.79 = £7.90, and on 0.10 lot it's £0.79. The rate moves a little every day, which is why the calculator asks you for it instead of guessing.
Why pip value matters more than lot size
"0.10 lots" means nothing on its own. "$1 a pip with a 60-pip stop" tells you the trade risks $60. Thinking in pip value keeps you honest about what each idea costs if it's wrong, and it's the bridge between a stop loss and a risk-per-trade rule.