Gold may be discussed as a monetary asset, silver as both a precious and industrial metal, and platinum and palladium through automotive and manufacturing demand. That shorthand is useful, but it is not a complete trading framework. Each market has its own price reference, liquidity, supply chain and product specification.
This guide connects the underlying metals story with the mechanics of a retail contract for difference. It is educational context, not a recommendation or a prediction.
Four metals, four demand mixes
Gold
Gold demand spans jewellery, investment products, official-sector reserves and technology. Because gold is widely held as a financial and reserve asset, changes in real yields, the US dollar, risk sentiment and investment flows often enter its market narrative. Physical demand and mine or recycled supply still matter.
Silver
Silver has a precious-metals identity and extensive industrial use. Electronics, photovoltaics and other fabrication demand can influence the market alongside investment flows. This mixed role helps explain why silver can move with gold at one point and respond more strongly to growth or manufacturing expectations at another. Read why silver can diverge from gold for a dedicated framework.
Platinum and palladium
Platinum-group metals have specialised industrial uses. Automotive emissions-control systems are important, while chemical, petroleum, electrical, jewellery and emerging energy applications can also contribute. Substitution between platinum and palladium, concentrated mine supply and recycling can change their relative balance. The platinum and palladium demand guide develops this distinction.
What a metals CFD represents
A CFD is an agreement to exchange the difference between opening and closing values under the provider’s terms. It can provide long or short exposure to an applicable metals price reference, but it does not make the client the owner of bars, coins or other physical metal. There is no custody or delivery claim simply because a symbol includes XAU, XAG, XPT or XPD.
The product can differ from an exchange-traded futures contract and from a physical purchase. The provider defines the symbol, reference pricing, contract size, trading hours, minimum volume, margin, financing and execution rules. Review the live specification rather than transferring a convention from another venue.
How metals prices are read
Precious metals are commonly quoted against the US dollar, often per troy ounce in wholesale-market convention. A rising XAU/USD reference means more US dollars are required for the stated gold unit. It does not by itself show the value of a particular CFD position.
Position exposure depends on the platform contract size and trade volume. Bid, ask, spread, tick size and tick value then shape the executable result. The separate guide to how metals are quoted and sized works through these components.
What can move each market
Start with four lenses: monetary conditions, currency effects, end-use demand and supply. Gold analysis may give more weight to yields and investment flows. Silver analysis may add industrial activity. Platinum and palladium analysis may focus on vehicle production, emissions technology, substitution and regional mine supply.
These are relationships, not fixed rules. Gold can rise while the dollar strengthens, and an industrial metal can move against a favourable demand story when positioning, liquidity or supply expectations change. Compare several forms of evidence and state the time horizon.
Costs, margin and execution
The spread is the difference between the executable buy and sell prices. Commission may be charged separately on some account routes. A position held through the applicable rollover may incur or receive financing, and currency conversion can matter when the account and quote currencies differ.
Margin is collateral, not the maximum possible loss. A small percentage move applied to a larger leveraged exposure can produce a material account change. Stops can help define an exit instruction, but fast markets, gaps or unavailable liquidity can result in a different execution price. Compare the full cost and risk context before choosing volume.
A practical pre-trade checklist
- Identify the exact metal, symbol and price reference.
- Confirm contract size, minimum and step volume, tick size and account-currency tick value.
- Check trading hours, daily breaks, holidays and the next relevant data or policy event.
- Review spread, commission, financing, conversion and margin for the account route.
- Define the intended holding period, adverse-price scenario and exit process.
- Verify the order ticket before submission and the fill, remaining margin and costs afterwards.
Use the RG Metals market page for current product context, then confirm the live platform specification before trading.