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On February 17, 2023, the ECN broker AMarkets, announced on its website that it was slashing its gold spread by 30%. This decision is part of the company's effort to improve its trading conditions and clientele experience.
All About Gold Price
Due to the often stability in gold’s price when other equities and bonds fall in value, gold is usually an investor’s haven during market instability.
The gold price is expressed as US dollars per troy ounce with the FX ticker "XAU/USD." Also, the intra-day spot price of gold from over-the-counter gold trading platforms is globally coded as "XAU." This price informs market traders of the amount of US dollars needed to purchase one ounce of gold at its current rate.
Although gold price is central on all platforms, superior commodity experts determine the benchmark. Since 1919, the London Gold Fixing price has been determined by delegates from the London Bullion Market.
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Details Of AMarkets XAU/USD Spread Reduction
To encourage more traders to trade gold on its platform, AMarkets assures clients about enhancing trading options to increase trading profitability. In line with this, the broker announced it "decided to lower the spread on the most popular trading product — gold — by 30%."
According to the post on its website, AMarkets’ XAU/USD minimum spread is now 22 pip. The broker further urged clients to trade XAU/USD on its standard MetaTrader 4 and MetaTrader 5 accounts to increase their trading profits.
What You Need To Know About Forex Spread
Forex spreads are the main expense associated with trading currencies, and traders need firsthand knowledge of this to maximize profits. The spread is the price difference between two possible peaks for which a trader can buy or sell an underlying asset.
Spreads are based on a currency pair's buy and sell prices, but the cost depends on the Forex broker and lot size.
Traders should note that spreads on foreign exchange are unpredictable and are determined by trading platforms.
About AMarkets
AMarkets, formerly AForex, was founded in 2007 with many offices in Europe and the CIS. The ECN broker is committed to building both trading platforms for beginners and providing expert algorithmic trading. Some of the broker's products include Metals, Forex, Commodities, and CFDs.
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