With today’s global economic scenario and non-correlation to other commodities but high-correlation to different national currencies, gold is considered more as a currency than a commodity. And that is why now gold is traded often like forex currency pairs on online trading platforms of forex trading brokers. That’s why Kuwait and many middle-east forex brokers like OrientFinance offers traders the ability to perform spot trading of precious metals like gold and silver.

In online trading, gold and silver are traded just like forex currency pairs but always against US Dollar; the currency symbol for spot gold is XAU/USD and for silver is XAG/USD. The price of the pair is defined as the cost of one ounce of gold in USD. Just like most FX trades, these online precious metal trades are done Over-The-Counter (OTC) between the buyer and seller and are not part of any exchange or controlled by any exchange or country.

There are many advantages of online gold and silver trading over traditional forms of precious metal trading.
  1. There are no direct ownership of the precious metal (non-delivery trading) so no costs involved for physical purchase & storage.
  2. Traders can trade anytime during weekdays.
  3. Day trading of gold and silver price changes is possible. And traders can go long or short any time.
  4. Traders can make use of real-time quotes, advanced charting and a range of fundamental and technical analysis tools loaded on their forex trading platform.
  5. With its global nature and high transaction volume the forex market offers very high liquidity for trading gold and silver.
  6. And last but not least the very high 100:1 leverage enable traders to trade gold worth a million by just investing a thousand.