The short answer
XAUEUR ≈ XAUUSD ÷ EUR/USD, so gold’s return in euros is roughly its return in dollars minus the euro’s move against the dollar. Over 1 December 2003 to 29 October 2026, gold rose 901% in dollars (10.6% a year) and 974% in euros (10.9% a year), because EUR/USD drifted down 6.8%. Weekly returns of the two were highly correlated (0.88), and they moved in the same direction in 17 of 22 full years.
The gap shows up when EUR/USD moves sharply. In 2014 gold fell 1.5% in dollars but rose 11.8% in euros; in 2025 it rose 64.4% in dollars and 45.6% in euros. XAUEUR was slightly calmer (volatility 17.2% vs 18.3%). For most traders XAUUSD is the cleaner instrument; XAUEUR suits those who want gold measured in euros and accept a built-in currency position.
The two side by side
| Measure (1 Dec 2003 – 29 Oct 2026) | Gold in USD (XAUUSD) | Gold in EUR (XAUEUR) | EUR/USD |
|---|---|---|---|
| Start | $402.7 | €336.6 | 1.1965 |
| End | $4,031.4 | €3,613.7 | 1.1156 |
| Total change | +901% | +974% | −6.8% |
| Annualised return | +10.6% | +10.9% | −0.31% |
| Annualised volatility (weekly) | 18.3% | 17.2% | 8.8% |
| Worst peak-to-trough fall | −44.4% (22 Aug 2011 → 17 Dec 2015) | −37.0% (1 Oct 2012 → 31 Dec 2013) | −40.0% |
| Last 12 months (from 30 Oct 2025) | +0.4% | +4.4% | −3.9% |
The lines track each other closely but not perfectly. Notice the worst falls: in dollars, gold’s 2011 peak was the top and the fall lasted until December 2015. In euros the peak came in October 2012 and the low at the end of 2013, so the fall was shorter and shallower. In 2014 and 2015, when EUR/USD fell 11.9% and 10.1%, gold rose 11.8% and was almost flat (−0.4%) in euros while falling in dollars.
Every year since 2004
| Year | Gold in USD | Gold in EUR | EUR/USD | Gap (USD − EUR) |
|---|---|---|---|---|
| 2004 | +5.2% | −2.8% | +8.2% | +8.0 pts |
| 2005 | +18.2% | +36.0% | −13.1% | −17.8 pts |
| 2006 | +22.8% | +10.2% | +11.5% | +12.6 pts |
| 2007 | +31.4% | +18.8% | +10.6% | +12.6 pts |
| 2008 | +5.8% | +10.5% | −4.3% | −4.7 pts |
| 2009 | +23.9% | +20.9% | +2.5% | +3.0 pts |
| 2010 | +29.8% | +39.8% | −7.2% | −10.0 pts |
| 2011 | +10.2% | +13.1% | −2.6% | −2.9 pts |
| 2012 | +7.0% | +4.8% | +2.1% | +2.2 pts |
| 2013 | −28.2% | −31.3% | +4.4% | +3.0 pts |
| 2014 | −1.5% | +11.8% | −11.9% | −13.3 pts |
| 2015 | −10.4% | −0.4% | −10.1% | −10.1 pts |
| 2016 | +8.5% | +12.1% | −3.3% | −3.7 pts |
| 2017 | +13.6% | +0.6% | +12.9% | +13.0 pts |
| 2018 | −2.1% | +2.1% | −4.2% | −4.3 pts |
| 2019 | +18.9% | +21.4% | −2.1% | −2.5 pts |
| 2020 | +24.7% | +13.6% | +9.8% | +11.1 pts |
| 2021 | −3.5% | +4.8% | −7.9% | −8.3 pts |
| 2022 | −0.1% | +6.1% | −5.9% | −6.2 pts |
| 2023 | +13.4% | +9.3% | +3.8% | +4.2 pts |
| 2024 | +27.5% | +35.6% | −6.0% | −8.1 pts |
| 2025 | +64.4% | +45.6% | +12.9% | +18.8 pts |
| 2026 (to 29 Oct) | −7.1% | −2.2% | −5.0% | −4.9 pts |
A useful rule of thumb from this table: the gap between the two returns is close to the EUR/USD move with the sign flipped. When EUR/USD rose 12.9% in 2017, gold gained 13.6% in dollars but only 0.6% in euros. When EUR/USD fell 13.1% in 2005, gold’s 18.2% dollar gain became 36.0% in euros. The match is not exact because the effects compound and our daily closes come from two markets.
Why they diverge: the EUR/USD link
Gold in dollars has tended to rise when the dollar weakens. Since 2003, the correlation between weekly XAUUSD returns and weekly EUR/USD returns was +0.36: when the euro rose against the dollar, dollar gold tended to rise too. That has two consequences:
- Part of XAUUSD’s movement is a dollar move. Pricing gold in euros strips some of it out, which is why XAUEUR’s volatility (17.2%) is a little lower than XAUUSD’s (18.3%), even though EUR/USD adds its own 8.8% volatility.
- The two can disagree on the day. A sharp dollar move after US data can lift XAUUSD while XAUEUR barely moves, or the reverse. Checking both is a quick way to tell a dollar story from a gold story, as our guide to gold prices in other currencies explains.
The last 12 months are a live example: from 30 October 2025, gold rose 0.4% in dollars and 4.4% in euros, because EUR/USD fell 3.9%.
Which one to trade?
| Question | XAUUSD | XAUEUR |
|---|---|---|
| What you are exposed to | Gold against the US dollar | Gold against the US dollar and the euro against the dollar |
| News that moves it | US data, the Fed, real yields, the dollar | All of that, plus ECB decisions and euro-area data |
| Analysis and levels | Almost all gold analysis, including our daily analysis and forecast levels, is in dollars | You may need to build your own levels |
| Volatility since 2003 | 18.3% a year | 17.2% a year |
| Who it can suit | Most gold traders; anyone following US-driven gold news | Euro-based traders who want gold in their own currency, or traders expressing a view on gold vs the euro |
Practical checks before trading a gold cross: confirm the symbol exists on your platform, compare its spread and overnight swap with XAUUSD, and remember a euro cross can move on European news when US markets are quiet. If you are new, our guide to gold vs EURUSD for beginners covers how the two compare as first instruments.
How we built this comparison
- XAUUSD: COMEX gold futures (Yahoo Finance symbol GC=F), daily closes.
- EUR/USD: Yahoo Finance EURUSD=X daily closes, which start on 1 December 2003, so that is our start date.
- XAUEUR: GC=F divided by EUR/USD on each date both series have a close.
- Method: annualised returns over calendar time; volatility from weekly returns × √52; drawdowns from daily closes; correlations on weekly returns; calendar-year returns from the last close of each year.
Limitations
- Two closing times. Gold futures settle at 1:30 pm New York; Yahoo’s EUR/USD daily close is taken at a different time. That adds a little noise to daily XAUEUR, which is why we use weekly returns for volatility and correlation.
- Futures, not spot. GC=F sits a few dollars above spot XAUUSD and rolls between contracts. Platform XAUEUR quotes are built from spot prices.
- No interest or swap. Holding either position overnight on a leveraged platform costs or earns swap, and the dollar and euro carry different interest rates.
What traders can do with this
- Ask “gold or the dollar?” before reacting to a XAUUSD move. If XAUEUR barely moved, it was mostly the dollar. The gold correlations tool and the gold vs DXY guide help.
- Know your real exposure. A euro-based account trading XAUUSD already carries a dollar position on its profits and losses.
- Size for the instrument. Both move roughly 17–18% a year; the position size calculator works for either once you convert the stop to your account currency.
- Check prices in your currency on our gold price in your currency pages.
More comparisons are on the gold data studies hub, including gold vs the S&P 500 and gold vs bonds.
Learn with traders from many currencies
The XAUUSD Global community brings together traders who think in dollars, euros, pounds, rupees and more, and compare how the same gold move looks in each. No signals. Your first month is free, then $19.99 a month.
Sources
- COMEX gold futures (GC=F) and EUR/USD (EURUSD=X) daily data via Yahoo Finance, downloaded 30 October 2026; XAUEUR, returns, volatility and correlations are our own calculations
Educational content only, not financial advice. Trading gold and currencies with leverage carries a high risk of loss.
Frequently asked questions
What is the difference between XAUUSD and XAUEUR?
XAUUSD is the price of one troy ounce of gold in US dollars; XAUEUR is the same ounce in euros. XAUEUR is roughly XAUUSD divided by EUR/USD, so its return is approximately gold’s dollar return minus the euro’s move against the dollar. When the euro strengthens, gold rises less in euros than in dollars, and the other way round.
Has gold done better in dollars or in euros?
Over our window, slightly better in euros. From 1 December 2003 to 29 October 2026 gold rose 901% in dollars (10.6% a year) and 974% in euros (10.9% a year), because EUR/USD fell 6.8% over the period. Gold did better in euros in 12 of the 22 full years from 2004 to 2025.
Is XAUEUR less volatile than XAUUSD?
A little. The annualised volatility of weekly returns was 17.2% for XAUEUR and 18.3% for XAUUSD since 2003, and XAUEUR’s worst fall was smaller (−37.0% from October 2012 to December 2013, against −44.4% for XAUUSD from August 2011 to December 2015). Part of the dollar price’s swings comes from the dollar itself.
When do XAUUSD and XAUEUR diverge the most?
In years when EUR/USD moves a lot. In 2014 gold fell 1.5% in dollars but rose 11.8% in euros as EUR/USD fell 11.9%; in 2025 gold rose 64.4% in dollars and 45.6% in euros as EUR/USD rose 12.9%. They moved in the same direction in 17 of 22 full years.
Which should I trade, XAUUSD or XAUEUR?
It depends on what you want exposure to. XAUUSD is the benchmark: most news, data, analysis and our levels are in dollars. XAUEUR adds a euro-versus-dollar position on top of gold, which can suit a euro-based trader who wants gold in their own currency. Check your platform’s spread and swap for each before deciding.