Why gold?
Gold has long been valued as a portfolio diversification tool and a potential hedge against inflation. In times of market uncertainty, geopolitical tension, or U.S. dollar volatility, investors have historically turned to gold to help protect long-term purchasing power and diversify their holdings.
Schwab offers a variety of ways to gain exposure to gold, including gold futures in a range of contract sizes, gold futures options, gold stocks, gold exchange-traded funds (ETFs), gold exchange-traded products (ETPs), and mutual funds. With near around-the-clock access to gold markets, traders and investors have many ways to invest in gold, day or night. And since you're not buying or selling the actual physical metal, there are no storage, security, or insurance hassles to deal with.
Ways to trade and invest in gold—around the clock.
Gold futures
Gold futures contracts are the most widely traded metals contracts in the world and offer a potentially flexible, capital-efficient way to speculate, hedge against inflation, or diversify a portfolio through exposure to gold prices.
Potential key considerations:
- Inflation hedge
- Portfolio diversification
- Capital efficiency
- Flexible contract sizes
Gold stocks
Gold stocks represent shares of ownership in companies that are involved in the exploration, mining, production, or sale of physical gold. They're traded on major exchanges, providing a convenient and liquid way to add indirect gold exposure to an equity portfolio.
Potential key considerations:
- Portfolio diversification
- Dividend potential
- Company-specific considerations
- $0 online listed equity commissions1
Gold ETFs*, ETPs & Mutual Funds
Exchange-traded investments, including ETFs and ETPs, and gold mutual funds offer an alternative way to invest in physical gold and the gold industry using shares that trade on some of the same major exchanges as stocks.
Potential key considerations:
- Portfolio diversification
- Accessible and fractional
- No physical storage required
- 24/5 trading available for many ETFs
Gold futures
Gold futures offer a way to express your view on gold prices without owning the physical commodity. Trade nearly 24 hours a day, 5 days a week, with flexible contract sizes built for nearly any strategy.
Why trade gold futures?
Potential inflation hedge
Gold prices have historically responded quickly to political and economic events.
Portfolio diversification
Gold futures may be a way to diversify during periods of market volatility since gold prices may exhibit a low correlation to the price of traditional equities and bonds.
Capital efficiency
Futures can allow exposure to larger positions with a smaller amount of initial capital required compared to traditional investments.
Flexible contract sizes
Choose a Gold futures contract size that fits your strategy, from the standard Gold (/GC) size to smaller Mini (/QO), Micro (/MGC), and 1 Oz. (/1OZ) sizes.
Important to know
Like many futures contracts, gold futures pricing is driven by the underlying commodity. Factors such as supply and demand, market volatility, and interest rates can all influence the price of gold over time. Keep in mind that since futures markets are open around the clock, disciplined risk management is required. Additionally, futures are leveraged products, so even smaller market movements can result in significant losses, including losses greater than your initial investments. Futures are not suitable for everyone.
Note that you'll need a futures trading account to trade gold futures and futures options. Learn more about applying online or talk to a Schwab futures specialist at 877-656-8748.
How to trade gold futures at Schwab
Trade any contract size nearly 24/5 on thinkorswim® trading platforms, with access to market research, real-time quotes, specialized tools, and educational resources to inform your trading decisions.
Gold futures options are also available, giving traders another strategy aimed at managing risk or expressing their view on gold prices. Some of the same fundamental equity options concepts hold true with futures options. They have expiration dates, can be exercised, and are sensitive to both time and volatility. Futures options can be traded in the same types of spreads that apply to equity options, allowing for strategies that can be bullish, bearish, range-bound, strongly moving, or time-based.
Gold futures contract sizes
Choose a Gold futures contract size that fits multiple strategies, from the standard Gold (/GC) size to smaller Mini (/QO), Micro (/MGC), and 1 Oz. (/1OZ) sizes.
Gold futures contract sizes
| Symbol | Options Tradeable on thinkorswim®2 | Multiplier | Minimum Tick Size and Value | Settlement | Trading Days/Hours | |
|---|---|---|---|---|---|---|
| Gold Futures |
/GC |
Yes |
$100 |
0.10 = $10.00 |
Physical3 |
6 p.m. ET Sunday to 5 p.m. Friday |
| Mini Gold Futures |
/QO |
No |
$50 |
0.25 = $12.50 |
Cash |
6 p.m. ET Sunday to 5 p.m. Friday |
| Micro Gold Futures |
/MGC |
No |
$10 |
0.10 = $1.00 |
Physical3 |
6 p.m. ET Sunday to 5 p.m. Friday |
| 1 Oz. Gold Futures |
/1OZ |
No |
$1 |
0.25 = $0.25 |
Cash |
6 p.m. ET Sunday to 5 p.m. Friday |
Other ways to trade gold:
Gold stocks
Traders can invest in companies involved in the exploration, mining, refining, and financing of gold. Investment choices range from large-cap producers with global operations to smaller firms focused on exploration, logistics, or gold streaming and royalties. Gold stocks may offer dividend income and a convenient way to add gold exposure to an existing portfolio.
Why gold stocks?
Portfolio diversification
Gold stocks may be a way to diversify during periods of market volatility since gold prices have historically exhibited a low correlation to the price of traditional equities and bonds.
Dividend potential
Some gold mining companies pay dividends, which may provide income alongside commodity price exposure.
Company-specific considerations
Gold stocks can reflect not just gold prices but also factors like production growth, new discoveries, and operational improvements.
Around-the-clock trading
Trade gold stocks through your Schwab brokerage account nearly 24/5.
Important to know
Gold stocks carry company-specific risks (e.g., management, production, geopolitical) in addition to gold price exposure. Stock prices do not always move directionally with gold.
How to trade gold stocks at Schwab
Gold stocks are exchange-traded and can be bought or sold using a Schwab brokerage account. Most can be traded commission-free1 on any Schwab or thinkorswim trading platform during regular and extended hours sessions and nearly 24/5 on thinkorswim.
Looking for a starting point? Browse Schwab's stock research tools to screen for gold-related equities by sector, market cap, dividend yield, and more.
Gold ETFs, ETPs & mutual funds
Many gold exchange-traded funds (ETFs) and products (ETPs) track closely with the value of gold, while others invest in equity securities of companies engaged in gold mining and related activities. For example, some physically hold gold bullion in trust and aim to track the spot price of gold. Others use futures contracts, options, or gold-related equities to gain exposure. Some are leveraged or inverse products designed for short-term trading and carry specific and significant risks. So, it's important to understand the differences before investing.
Gold mutual funds offer another way to gain gold exposure through professionally managed portfolios. While they don't trade on exchanges exactly like ETFs and ETPs, they can provide diversified exposure and can be held in a standard brokerage account.
Why gold ETFs, ETPs & mutual funds?
Portfolio diversification
Gold ETFs, ETPs, and mutual funds may be ways to diversify during periods of market volatility since gold prices may exhibit a low correlation to the price of traditional equities and bonds.
Accessible and fractional
Shares of these products represent a small amount of ownership in gold and gold industry stocks, making them accessible gold alternatives for investors seeking a lower initial investment and who have the appropriate risk tolerance.
No physical storage required
Gold ETFs, ETPs, and mutual funds can provide exposure to gold price movements without the costs or logistics of holding physical metal.
Around-the-clock trading
Buy and sell many ETFs and ETPs through your Schwab brokerage account nearly 24/5.
Important to know
ETPs carry fees (expense ratios) and may not perfectly track gold prices. Leveraged and inverse products are designed for short-term trading and carry specific and significant risks. They can amplify losses.
How to trade gold ETFs, ETPs & mutual funds at Schwab
Gold exchange-traded products, including ETFs and ETPs, can be bought or sold online commission-free1 using a Schwab brokerage account. Trade them on any Schwab or thinkorswim platform during regular and extended hours sessions and most can be traded nearly 24/5 on thinkorswim.
Not yet a Schwab client?
Gold trading and investing FAQs
Schwab offers several ways to gain exposure to gold:
- Gold futures can provide exposure to the price of gold in four contract sizes, tradable nearly 24/5.
- Gold futures options provide gold price exposure.
- Gold stocks provide shares of ownership in the companies involved in the gold industry.
- Gold exchange-traded funds (ETFs) and exchange-traded products (ETPs) provide a variety of ways to invest in a share of gold-related holdings, e.g., gold coins, gold bars, derivative gold investments, and/or equity ownership in the gold industry.
- Gold mutual funds provide diversified, professionally managed exposure to gold and gold-related companies.
Gold has long been viewed as a store of value during periods of rising inflation. When the purchasing power of their currencies declines, gold prices have often moved higher as investors look for assets that may hold their value. While gold generates no income, its limited supply and global demand have supported its reputation as an inflation hedge over time. That said, the relationship isn't guaranteed and can vary across different market environments.
Gold prices are shaped by a range of macroeconomic forces including currency fluctuations, interest rates, inflation expectations, central bank policies, geopolitical tensions, and global supply and demand. When rates are low or falling, gold may become more attractive since the opportunity cost of holding a non-yielding asset decreases. Strength of the U.S. dollar matters too since gold is priced in dollars (USD) globally and its value often moves inversely to changes in dollar strength.
Gold ETFs, ETPs, mutual funds, stocks, and futures all provide gold exposure through a standard brokerage or futures account with no storage or insurance required. ETFs and ETPs track gold prices or hold physical gold in trust on your behalf. Mutual funds offer professionally managed gold exposure. Gold stocks offer indirect exposure through mining and production companies whose performance is tied to gold prices. Futures let you trade gold prices directly with leverage and nearly 24/5 access. Each approach carries different risks, costs, and account requirements, so it's important to understand the trade-offs before choosing.
Gold futures can provide exposure to the price of gold with the potential to profit in both rising and falling markets. They can serve as a potential hedge against inflation, can offer capital-efficient portfolio diversification since gold prices have historically exhibited a low correlation to traditional equities and bonds, and can provide near 24/5 market access. Gold futures options are also available, giving traders another strategy aimed at managing risk.
Gold futures can be traded nearly 24 hours a day, 5 days a week, and potentially capitalize on market moves in any direction. They also offer an alternative to owning physical gold, with no storage or insurance requirements. Gold futures offer leverage, which may allow for more efficient use of initial capital. However, leverage also means that small market movements can result in significant losses, including losses greater than your initial investment.
Futures are not suitable for all investors.
Yes. Gold futures can be traded nearly 24 hours a day, 5 days a week, from 6 p.m. ET Sunday to 5 p.m. ET Friday, on Schwab's thinkorswim trading platforms. This nearly around-the-clock access may allow traders to react to global events, economic data releases, and overnight market moves as they happen. All four contract sizes—Gold futures, Mini Gold futures, Micro Gold futures, and 1 Oz. Gold futures—are available during these hours.
The amount needed to begin trading gold futures depends on the contract size and current margin requirements set by the exchange. Schwab offers four gold futures contract sizes, including the smaller Micro Gold and 1 Oz. Gold contracts, which may require significantly less initial margin than the standard contract. This may make gold futures more accessible to a range of trading strategies and account sizes. Contact a Schwab futures specialist for current margin requirements.
Gold stocks and gold ETFs both offer a convenient, liquid way to gain gold exposure without owning the physical metal, but they work differently. A gold stock is ownership in a single company (such as a mining firm), so while its value correlates with gold prices, it's also shaped by company-specific factors like management, production costs, and geopolitical risk. An ETF that holds physical gold or derivatives, in contrast, may closely track the spot price. Because gold stocks are tied to individual companies, they can impact gold's price moves, making them more volatile than ETFs. They also carry the potential to pay dividends.
Questions about gold futures?
Our futures specialists are standing by 24/5 for platform help, trade support, or to talk through your next move.
Call 877-656-8748 Sunday 5:30 p.m. to Friday 6:00 p.m. ET.
Questions about gold equity products?
Our support team is available 24/7 through phone and chat.
Call 800-435-4000.
Or chat with us online for quick answers.
