The swap calculation for gold is 100 oz since our XAUUSD has a contract size of 100. 1 lot =100oz
The swap for XAUUSD is -0.01. Is this -0.01 oz or -0.01 USD?
In EURUSD the swap is denominated in EUR (the left currency), so I suppose in the case of XAUUSD it should be left part too (XAU). If this is correct -0.01 oz (from 100 oz) is -0.01% and this is -3.65% per year (365 days). The minus means that the trader is paying the swap. Is this correct?
Hello tjweb,
You are correct, the margin currency is XAU. The long swap currently is -0.012385 OZ so we take current rate 1292.65*0.012385 and this comes to $16. Currently, for every 1 lot long( 100 oz ), the swap cost is $16, in bitcoin, per day.
Regards,
Evolve