The short answer
Spot gold (XAUUSD) is the price for gold delivered almost straight away. Gold futures (such as the COMEX GC contract) are agreements to buy or sell gold on a set date in the future. Futures usually trade above spot because their price includes the cost of carry: the interest you’d pay to finance the gold, plus storage and insurance, until the delivery date.
That’s why, on 19 October 2026, reports showed December COMEX futures around $4,185–4,190 while spot quotes were around $4,145–4,175. The quotes were taken at different times, but a gap of a few tens of dollars is exactly what carry predicts with US rates near 4% and about two months to the December contract.
The two markets in one table
| Spot gold (XAUUSD) | COMEX gold futures (GC) | |
|---|---|---|
| Where it trades | Over the counter, centred on London, and through brokers’ CFDs | CME Group’s COMEX exchange |
| What you trade | Gold for near-immediate settlement | A contract for a set amount on a set date |
| Size | Depends on the provider (often 100 oz per standard lot on CFDs) | 100 troy ounces per contract |
| Minimum move | Depends on the provider | $0.10 per ounce = $10 per contract |
| Expiry | None (rolling) | Yes; trading ends on the third last business day of the delivery month |
| Who sets the margin | The broker, within local rules | The exchange and the clearing firm |
| Volume data | Not centralised | Published by the exchange |
| Positioning data | Not available | Weekly COT report |
CME also lists smaller versions: Micro Gold (MGC) at 10 ounces (a $0.10 move = $1), and a 1-Ounce Gold contract at one hundredth of the standard size, which is financially settled rather than physically delivered.
Why futures trade above spot: carry
Imagine a dealer who sells you a December futures contract today. To guarantee delivery, they can buy gold now and hold it until December. Doing that costs money:
- Financing: the cash tied up in the gold could have earned interest.
- Storage and insurance: vaults aren’t free.
- Minus any lease income: gold can sometimes be lent out for a small fee, which lowers the cost.
So the fair futures price is roughly:
Futures ≈ spot × (1 + net carry rate × time to expiry)
A worked example
This is a simplified illustration.
- Spot gold: $4,160
- Net carry rate (interest minus lease rate): 4% a year (hypothetical round number)
- Time to expiry: about 69 days (0.19 of a year)
Carry ≈ $4,160 × 0.04 × 0.19 ≈ $31.60
So fair value for the futures contract is about $4,191.60, roughly $30 above spot. That’s very close to the gap seen in the 19 October quotes. As the contract approaches expiry, the time left shrinks and the gap narrows toward zero. That’s called convergence.
| Days to expiry | Carry at 4% on $4,160 |
|---|---|
| 180 | about $82 |
| 90 | about $41 |
| 30 | about $14 |
| 5 | about $2 |
Higher interest rates mean a bigger gap. That’s one reason the spot-futures difference has been larger in 2025–2026 than in the near-zero-rate years.
The “basis” and why it matters
The difference between futures and spot is called the basis. Traders in the professional market use a contract called EFP (exchange for physical) to swap futures positions into physical London gold, which keeps the two markets linked.
Normally the basis is calm and predictable. But it can break. In March 2020, when pandemic lockdowns closed refineries and grounded flights, traders feared gold couldn’t reach New York in time for delivery. According to Reuters, COMEX futures rose as much as $70 an ounce (about 4%) above London spot on 24 March 2020, before the gap narrowed as refineries reopened. That episode shows that “gold is gold” doesn’t always hold in a crisis.
What this means for XAUUSD traders
1. Don’t mix levels between charts
A support at $4,100 on a futures chart may be around $4,070 on spot when the gap is $30. If you draw levels on one and trade the other, your stops and alerts will be in the wrong places. Pick the source you trade and stay with it.
2. Expect jumps on futures charts at the roll
Continuous futures charts switch from one contract to the next. When they roll, the chart can jump by the carry difference between contracts. That jump isn’t a real market move. Spot charts don’t have this problem.
3. Use futures data for what spot can’t give you
Futures have something spot doesn’t: centralised volume and positioning. The weekly COT report shows how speculators and commercials are positioned in COMEX gold, and exchange volume is useful for tools like volume profile. Just remember the price-level adjustment above.
4. Know which product you can legally trade
Where you live decides which product you can access. Retail traders in the United States generally can’t trade spot gold CFDs and use futures or ETFs instead; our guide on how to trade gold in the USA explains the options. In many other countries, retail traders access spot gold through regulated CFD providers.
5. Size per ounce, whichever you use
A $1 move is worth $100 on one standard futures contract or one standard 100 oz CFD lot, $10 on Micro Gold, and $1 on a 1 oz contract or 0.01 CFD lot. The pip value guide and gold pip calculator work through these numbers.
Futures contracts are large and leveraged. One standard GC contract at $4,160 controls about $416,000 of gold, and a $40 move changes its value by $4,000. Make sure you understand margin, expiry and delivery rules before trading futures, and always size from your stop.
Quick comparison: which price am I looking at?
| Where you see the price | Usually shows |
|---|---|
| Your broker’s XAUUSD CFD quote | Spot, plus the broker’s spread |
| News headline “spot gold rose to…” | Spot (London/OTC) |
| News headline “US gold futures settled at…” | The most active COMEX contract |
| “GC1!” or “GC=F” on charting sites | Continuous COMEX futures |
| Some free data tools | Futures, because exchange data is easier to access |
Some of our own data tools, such as the gold volatility and seasonality pages, use COMEX futures for that reason and say so on the page. Ranges and percentage moves are almost identical to spot; only the price level differs slightly.
Key takeaways
- Spot is gold for now; futures are gold for a future date.
- Futures usually trade above spot by the cost of carry, which grows with interest rates and time to expiry.
- The gap narrows as expiry approaches, and continuous futures charts can jump at the roll.
- Draw levels on the same price source you trade, and use futures data for volume and COT analysis.
New to the instrument itself? Start with what is XAUUSD, then watch the live spot price on our XAUUSD price page.
Sources
- CME Group: Gold futures contract specifications
- CME Group: Micro Gold futures
- CME Group: 1-ounce futures comparison
- Reuters via Mining.com: HSBC lost $200m in a day on paper as coronavirus dislocated gold market
- Yahoo Finance: Gold prices today, 19 October 2026
- Kitco News: Gold slips, silver gains as oil retreats, 19 October 2026
Educational content only, not financial advice. Trading gold with leverage carries a high risk of loss.
Frequently asked questions
What is the difference between spot gold and gold futures?
Spot gold (XAUUSD) is the price for gold delivered almost immediately, traded over the counter. Gold futures, such as COMEX GC, are exchange contracts to buy or sell a fixed amount of gold on a future date. Futures usually trade above spot because the price includes the cost of financing and storing gold until expiry.
Why is the gold futures price higher than spot?
Mostly because of carry. Someone who buys gold today pays interest on the money and storage costs until the futures date, so the futures price includes those costs. The higher interest rates are and the further away the expiry, the bigger the gap tends to be.
How big is a COMEX gold futures contract?
The standard COMEX gold contract (GC) is 100 troy ounces with a minimum move of $0.10, worth $10. CME also lists Micro Gold (MGC) at 10 ounces and a 1-Ounce Gold contract that is one hundredth of the standard size and financially settled.
Should I use spot or futures charts for XAUUSD levels?
Use the same price source you trade. If you trade spot XAUUSD, draw levels on a spot chart. If you use futures data for volume or COT analysis, remember to adjust levels by the current gap before applying them to spot.
Can the gap between spot and futures blow out?
Yes, rarely. In March 2020, when refineries closed and flights were grounded, COMEX futures traded up to about $70 an ounce above London spot, according to Reuters. Normally the two stay within a few dollars once carry is accounted for.
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.