Pip calculator
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Pip Calculator for Gold, Oil and Silver
Find out how much one pip is worth in dollars for gold, oil and other commodities. Pick the instrument and the number of lots. Contract size and pip size can be changed to match your broker.
How the pip value is calculated
Pip value = pip size x contract size x number of lots. For an instrument quoted in US dollars the result is in US dollars. A move of one full dollar in the price is worth the contract size multiplied by the lots.
Example for gold: one standard lot is usually 100 troy ounces. If your broker treats 0.10 as one pip, a pip is worth 0.10 x 100 = $10 per lot. A one dollar move is worth $100 per lot. A micro lot (0.01) is worth $0.10 per pip.
Example for WTI crude oil: one lot is usually 1,000 barrels and a pip is 0.01, so a pip is worth $10 per lot and a one dollar move is worth $1,000 per lot.
Why pip sizes differ
In currency trading a pip is the fourth decimal place. Commodities have no single standard. Some brokers call 0.01 a pip for gold, others 0.10, and some platforms call 0.01 a point. Always read the contract specification of your own platform and edit the pip size here to match.
Default contract specifications used
| Instrument | 1 lot | Pip size | Value of 1 pip per lot |
|---|---|---|---|
| Gold (XAU/USD) | 100 oz | 0.1 | $10.00 |
| Silver (XAG/USD) | 5,000 oz | 0.01 | $50.00 |
| WTI crude oil | 1,000 barrels | 0.01 | $10.00 |
| Brent crude oil | 1,000 barrels | 0.01 | $10.00 |
| Natural gas | 10,000 MMBtu | 0.001 | $10.00 |
| Copper | 25,000 lb | 0.0005 | $12.50 |
| Platinum (XPT/USD) | 50 oz | 0.1 | $5.00 |
| Palladium (XPD/USD) | 100 oz | 0.1 | $10.00 |
Typical values, not offered by us. Always confirm with your own broker or exchange.
Frequently asked questions
How much is a pip in gold?
It depends on the broker. With a 100 ounce lot and a pip of 0.10, one pip is $10 per standard lot. With a pip of 0.01 it is $1 per lot. Change the pip size in the contract settings to see both.
What is a pip in oil trading?
For WTI and Brent CFDs a pip is usually 0.01. With a 1,000 barrel lot that equals $10 per pip.
Is a pip the same as a point or a tick?
Not always. A tick is the smallest price step the market allows. A point or pip is a unit defined by the broker or exchange. Check the specification for the exact instrument.
Does the pip value change with the price?
For instruments quoted in US dollars on a dollar account it does not. If your account is in another currency, the value is converted at the current exchange rate.
Related
Position size calculatorProfit calculatorWhat is a pipLive gold price
Educational calculator, not investment advice. Leveraged products such as CFDs carry a high risk of losing money quickly. Prices are indicative. Terms.