The short answer
Gold (XAUUSD) and silver (XAGUSD) are both precious metals priced in US dollars, and they often move in the same direction. But they trade very differently:
- Silver is usually more volatile in percentage terms, because its market is smaller and a large share of its demand comes from industry.
- Contract sizes differ: 1 lot of gold is usually 100 ounces; 1 lot of silver is usually 5,000 ounces.
- Leverage limits differ: EU retail rules allow 20:1 on gold CFDs but only 10:1 on silver.
- Drivers overlap but aren’t identical: gold leans on interest rates, the dollar and central banks; silver adds factory and solar demand.
For most beginners, that makes gold the easier first market. If you do trade silver, size it separately; don’t copy your gold lot size across.
Side-by-side comparison
| Gold (XAUUSD) | Silver (XAGUSD) | |
|---|---|---|
| What it is | Price of 1 troy ounce of gold in USD | Price of 1 troy ounce of silver in USD |
| Price, late October 2026 | about $4,114–4,130 | about $58 (futures, Oct 20) |
| 2026 record | about $5,589 spot (Jan 28) | above $121 (January) |
| Typical 1 lot | 100 oz | 5,000 oz |
| COMEX futures contract | 100 oz (GC) | 5,000 oz (SI) |
| COMEX minimum tick | $0.10 = $10 per contract | $0.005 = $25 per contract |
| EU retail CFD leverage cap | 20:1 | 10:1 |
| Main buyers | Investors, central banks, jewellery | Industry (electronics, solar), investors, jewellery |
| Liquidity | Very deep | Thinner, so spreads widen faster |
Prices move constantly; check our live gold price page for current gold levels.
The value of a move: a worked example
This is where beginners get caught. Because the contract sizes are so different, a “small” move in silver can be worth as much as a big move in gold.
The figures below are hypothetical but use prices close to October 2026 levels.
| Gold | Silver | |
|---|---|---|
| Price | $4,120 | $58.00 |
| Position | 0.10 lot = 10 oz | 0.10 lot = 500 oz |
| Position value | $41,200 | $29,000 |
| Value of a 1% move | $412 | $290 |
| Value of a $1 move in the metal | $10 | $500 |
| Value of a $0.10 move | $1 | $50 |
A $1 move in silver is a 1.7% swing at $58. A $1 move in gold is only about 0.02%. So “silver moved a dollar” and “gold moved a dollar” mean completely different things. Our guide to XAUUSD pip value explains how points and pips work on gold; always check how your platform defines them for silver too.
The safest approach is to size every trade from your stop distance and your risk in dollars, not from a habit lot size. The position size calculator does this for gold; for silver, apply the same formula with 5,000 oz per lot: lots = risk ÷ (stop distance in dollars × 5,000).
Volatility: why silver swings harder
Silver’s bigger moves come from three things:
- A smaller market. Less money is needed to push the price.
- Industrial demand. Silver is used in electronics and solar panels, so economic growth expectations move it more than gold.
- Thinner liquidity outside peak hours. Spreads and slippage can jump in the Asian session and around news.
2026 shows this clearly. Both metals hit records in January. Gold, at about $4,120, is roughly 25% below its record; silver, near $58, is down by more than half from its peak above $121.
On a single day the gap can be just as striking. On October 20, 2026, gold fell about 0.4% while silver futures rose 1.59% to $58.14, as reported by Kitco. The metals don’t always move together.
Silver’s percentage swings can be much larger than gold’s, and spreads can widen sharply in thin markets. If you trade both, use smaller silver positions, and never let combined gold and silver exposure exceed your planned risk.
What drives each metal
| Driver | Effect on gold | Effect on silver |
|---|---|---|
| Real interest rates and Fed expectations | Strong | Strong |
| US dollar | Strong | Strong |
| Central bank buying | Strong (central banks hold gold, not much silver) | Small |
| Industrial demand and growth | Small | Strong |
| Safe-haven demand in a crisis | Strong | Mixed (growth fears can hurt silver) |
| Jewellery and festival demand | Moderate (India, China) | Moderate |
For the full list of gold drivers, read what moves gold prices. When gold rises on safe-haven fears but growth worries hit industry, silver can lag. When growth expectations improve, silver can outrun gold.
The gold-silver ratio: linking the two
The gold-silver ratio is the gold price divided by the silver price: how many ounces of silver buy one ounce of gold. On October 20, 2026, it fell nearly 2% to about 71.11, after reaching an annual high near 74 the week before, according to Kitco.
A falling ratio means silver is outperforming gold; a rising ratio means gold is outperforming. Some traders use it to judge which metal is relatively stretched, and others use it as a gauge of risk appetite. We cover it fully in the gold-silver ratio explained.
Gold and silver are also used together in technical approaches such as SMT divergence, where one metal makes a new high or low and the other doesn’t. See our inducement and SMT divergence lesson.
Costs and trading hours
- Hours: spot gold and silver trade on the same near-24-hour schedule, Sunday evening to Friday evening New York time, with a daily one-hour break. Check your local times on our gold market hours tool.
- Spreads: silver spreads are usually wider relative to price, especially outside the London and New York sessions.
- Overnight financing: both are charged a daily financing fee on most CFD platforms. Our guide to XAUUSD spreads, commissions and swaps explains how it works.
Which should you trade first?
| If you… | Consider |
|---|---|
| Are new to trading | Gold: deeper liquidity, more learning material |
| Have a small account | Gold with 0.01 lots; silver lots are large in dollar terms |
| Follow economic growth and industry news | Silver may suit your analysis |
| Want to compare the two | Watch both, but trade one until your rules are consistent |
Whichever you pick, practise with a written plan first. Our 30-day demo practice plan works for both metals.
Key takeaways
- Gold and silver often move together but differ in size, volatility, drivers and leverage limits.
- 1 lot is usually 100 oz of gold but 5,000 oz of silver, so a $1 silver move is worth far more per lot.
- Silver usually swings more in percentage terms: in 2026 it fell more than half from its record, against about a quarter for gold.
- Size each metal separately from your stop and your dollar risk.
Sources
- CME Group: Silver futures contract specifications (5,000 troy ounces)
- CME Group: Gold futures contract specifications
- ESMA: Final product intervention measures on CFDs
- Kitco: Gold falls third straight session as silver extends gains (Oct 20, 2026)
- FX Leaders: Gold price forecast (Oct 21, 2026)
Educational content only, not financial advice. Trading gold with leverage carries a high risk of loss.
Frequently asked questions
Is silver more volatile than gold?
Usually, yes, in percentage terms. Silver is a smaller market with heavy industrial demand, so it tends to make bigger percentage moves than gold. In January 2026, for example, silver hit a record above $121 and has since fallen to less than half that level, a bigger percentage drop than gold’s.
What is XAGUSD?
XAGUSD is the price of one troy ounce of silver in US dollars. XAG is the ISO code for silver, just as XAU is the code for gold.
How big is one lot of silver?
On many platforms, 1 standard lot of XAGUSD is 5,000 ounces, matching the COMEX silver futures contract. Some platforms use smaller sizes, so always check the contract specification. One lot of gold (XAUUSD) is usually 100 ounces.
Which is better for beginners, gold or silver?
Many beginners find gold easier because it has deeper liquidity, tighter spreads in percentage terms and more educational material. Silver’s bigger percentage swings and thinner liquidity can punish oversized positions. Whichever you choose, start with one market and small size.
Do gold and silver always move together?
No. They often move in the same direction because both respond to the US dollar and interest rates, but silver also reacts to industrial demand. On October 20, 2026, gold fell about 0.4% while silver futures rose about 1.6%.
What leverage applies to silver compared with gold?
Under EU retail rules, CFD leverage is capped at 20:1 for gold but 10:1 for other commodities, including silver. That means silver needs at least twice the margin of gold for the same position value.
Sources and further reading
- CME Group — Gold futures overview — Contract specifications and trading hours for COMEX gold
- CFTC — Commitments of Traders — Weekly futures positioning, including gold
- Investor.gov — Stop order — How stop orders work, and their limits in fast markets
External sites are independent of XAUUSD Global. Check dates and data yourself.