A standard lot is 5,000 ounces and one pip is one cent, which makes a lot of silver move faster in money than most traders expect.
Contract size and pip size are market conventions and are the same figures the calculators on this site use.
| Symbol | XAGUSD |
|---|---|
| Instrument | Silver |
| Quote currency | USD — US dollar |
| Pip size | 0.01 |
| Standard lot | 5,000 ounces |
| Pip value, 1.00 lot | $50.00 |
| Pip value, 0.10 lot | $5.00 |
| Pip value, 0.01 lot | $0.50 |
| Quoted to | 3 decimal places |
| Active sessions | London, New York |
Pip values are shown for an account held in US dollars. On an account in another currency the amount is converted at the rate of the day, which the pip value calculator does for you.
| London | 08:00 – 17:00 London time |
| New York | 08:00 – 17:00 New York time |
These are the business hours of the financial centres where London and New York trade. Session times shift through the year with daylight saving. The live session clock shows what is open right now in your own time zone.
Releases and decisions that concern the silver or the US dollar:
Rate decisions come from the Federal Reserve. Dates and times for all of these are on the economic calendar, which is updated from the published schedule.
Spread, commission and swap are set by your broker, not by the market, and they differ by account type and by the hour. No single figure would be true for most readers, so none is given here.
The broker directory lists what each firm advertises, attributed and dated, and the spread cost calculator turns whatever your broker charges into money for a given position size.
One pip on a standard lot of XAG/USD is $50.00, because a pip is 0.01 and a standard lot is 5,000 ounces. A mini lot is $5.00 and a micro lot is $0.50. Those figures hold when the account is in US dollars; in any other currency the amount is converted at the rate of the day.
A standard lot is 5,000 ounces, a mini lot is 500 and a micro lot is 50. This is the part traders get wrong: metals do not use the 100,000 unit contract that currency pairs use.
Metals are quoted per ounce, so the price carries fewer decimals than a currency pair. A pip on XAG/USD is taken as 0.01.
London and New York are the sessions where the currencies in this pair have their home markets open: 08:00 – 17:00 London time, 08:00 – 17:00 New York time. That is a statement about which centres are trading, not a promise about volatility on any particular day. The live session clock shows which one is open right now.
That depends entirely on your broker, your account type and the time of day, so no honest single number exists. The broker directory here lists what each firm advertises, taken from its own site and dated, and the spread cost calculator turns a spread into money for a given position size.