Spot gold vs gold futures
When you trade XAUUSD you are trading spot gold: the price for immediate delivery of one troy ounce, quoted over-the-counter by banks and brokers. Gold futures are something else: standardized contracts on the COMEX exchange for delivery at a set date. Both track the same metal, but the plumbing underneath is different, and knowing the difference explains a few things you see on the chart.
What spot means
Spot is the here-and-now price. There is no expiry date, no contract month and no exchange floor. Banks quote it to each other continuously, brokers pass a version of that quote to you, and the position simply rolls day to day. The cost of holding it shows up as a small overnight funding charge rather than a visible futures curve.
What futures add
A COMEX gold future is a promise to deliver 100 ounces in a specific month. Because delivery is later, the futures price carries the cost of storing and financing gold until then, which is why futures usually trade a few dollars above spot. That difference shrinks as the contract approaches expiry.
Why the prices stay glued
If spot and futures drifted apart, arbitrage desks would buy the cheap one and sell the rich one until the gap closed. That is why your XAUUSD chart and a COMEX chart look almost identical on any timeframe that matters. The moves are the same; only the level is offset slightly.
What it means for a chart trader
Two practical points. First, volume: spot gold has no central tape, so XAUUSD volume on any platform is that broker's tick count, not global turnover. Futures volume is real exchange volume. Second, hours: spot trades essentially 23 hours a day from Sunday evening to Friday evening US time, with a short daily pause, while futures have exchange maintenance windows. Gaps you see on Monday open come from news that happened while both markets were shut.
FAQ
Is XAUUSD spot or futures?
XAUUSD is spot gold: the over-the-counter price for immediate settlement, quoted continuously by banks and brokers. Futures are separate exchange-traded contracts.
Why is the futures price higher than spot?
Futures include the cost of financing and storing gold until the delivery date, so they normally trade slightly above spot. The gap narrows toward expiry.
Do spot and futures ever move differently?
Direction is effectively identical because arbitrage keeps them aligned. Small differences in level and in session hours exist, but a setup on one chart appears on the other.
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