Gate’s metals trading ecosystem consists of two main product lines: perpetual contracts for precious and industrial metals, and tokenized precious metals available as spot and contract products. The first category covers four precious metals—gold (XAU), silver (XAG), platinum (XPT), and palladium (XPD)—as well as four industrial metals: copper (XCU), aluminum (XAL), nickel (XNI), and lead (XPB). The second category includes Tether Gold (XAUT) and PAX Gold (PAXG), two tokenized gold assets. All products are priced and settled in USDT, integrated into Gate’s unified contract account and margin system.
Gate officially launched its Metals Zone in January 2026, debuting with XAU and XAG perpetual contracts. The contract indices reference prices from multiple comprehensive precious metals markets, aiming to enhance transparency and stability while balancing traditional asset pricing logic with the risk management needs of crypto derivatives. Subsequently, platinum, palladium, and the four industrial metals perpetual contracts were introduced, continuously expanding the asset matrix in the Metals Zone.
On the tokenized gold front, XAUT is issued by Tether and PAXG by Paxos. Both are backed by London Bullion Market Association (LBMA) certified physical gold bars, with each token representing ownership of one ounce of pure gold. This enables on-chain holding and instant transfer.
Perpetual Contract Mechanism
Gate’s metals perpetual contracts are settled in USDT and have no expiration date, allowing traders to hold positions indefinitely based on market outlook. Prices are linked to spot markets via a funding rate mechanism—long and short positions exchange fees every eight hours. A positive funding rate means longs pay shorts; a negative rate reverses the direction.
Multi-source index pricing. Contract pricing does not rely on a single market quote; instead, it aggregates comprehensive data from multiple authoritative metals markets to form an index. This approach effectively reduces the impact of abnormal fluctuations in any single market, maintaining a rational correlation between contract prices and global spot prices.
Unified account system. Metals contracts are seamlessly integrated into the platform’s existing contract trading system. Users do not need to open new accounts or switch interfaces; they can participate in metals trading directly using unified margin, significantly improving capital efficiency.
24/7 uninterrupted trading. Unlike traditional precious metals markets, which operate on fixed opening and closing hours, Gate’s metals perpetual contracts enable round-the-clock trading. Traders can adjust positions at any time, minimizing the risk of price gaps caused by major macro events during non-trading hours.
Tokenized Metals Products
Both XAUT and PAXG are tokenized gold assets issued and managed via blockchain technology. Each token represents ownership of one ounce of LBMA-certified physical gold. Holders gain exposure to gold prices without dealing with storage, transportation, or custody.
The core difference between the two lies in their issuers’ legal structures and compliance standards. PAXG is issued by Paxos, regulated by the New York State Department of Financial Services, with a stricter compliance framework. XAUT is issued by Tether and offers greater liquidity. Both tokens closely track spot gold prices, providing holders with similar price performance.
On Gate, XAUT and PAXG can be traded as spot assets in the Alpha Zone and also support leveraged perpetual contract trading.
Gate Metals Market Data as of April 27, 2026
The following data is sourced from Gate market quotes as of April 27, 2026.
Precious Metals Contract Market
| Asset | Latest Price (USD) | 24h Change | 24h Range (USD) | 24h Volume |
|---|---|---|---|---|
| XAU (Gold) | 4,701.39 | -0.21% | 4,676.06 – 4,720.07 | 34.63M |
| XAG (Silver) | 75.18 | -0.79% | 74.77 – 76.37 | 28.02M |
| XPT (Platinum) | 2,010.18 | -0.42% | 1,999.41 – 2,025.14 | 118.07K |
| XPD (Palladium) | 1,488.47 | -0.78% | 1,482.93 – 1,508.70 | 11.18K |
Industrial Metals Contract Market
| Asset | Latest Price (USD) | 24h Change | 24h Range (USD) | 24h Volume |
|---|---|---|---|---|
| XCU (Copper) | 6.125 | +0.46% | 6.090 – 6.195 | 123.51K |
| XAL (Aluminum) | 3,624.28 | +0.59% | 3,596.04 – 3,624.64 | 10.87K |
| XNI (Nickel) | 19,344.56 | +1.11% | 18,816.00 – 19,358.33 | 9.96K |
| XPB (Lead) | 1,964.13 | +0.15% | 1,946.38 – 1,981.26 | 7.98K |
Spot Gold and Silver Benchmark Prices
Spot gold is quoted at $4,698.95 per ounce, down $24.16 on the day, a decline of 0.51%. Spot silver is quoted at $75.13 per ounce, down $1.37, a drop of 1.79%. Gate’s XAU contract is quoted at $4,701.39, with its deviation from the spot gold benchmark remaining within a reasonable range.
iShares Gold Trust
IAU is quoted at $88.57, down 0.25% on the day, with a range of $88.01 – $89.45 and a 24h trading volume of 3.9K.
Trading Access and Paths
Gate offers two entry points for metals trading, tailored to different product types and strategy preferences.
Alpha Zone. Tokenized gold (XAUT, PAXG) spot trading and metals perpetual contracts are concentrated in the Alpha Zone. To access: Gate App bottom "Trade" → switch to "Alpha" at the top → search for the target contract or token symbol.
TradFi Zone. This zone provides traditional asset contracts for difference (CFDs), covering gold (XAU/USD), silver (XAG/USD), and others, with higher leverage and traditional market trading hours. To access: App bottom "Futures" → select "TradFi".
On the funding side, all metals contracts use USDT as margin. Users must transfer funds from their funding account to the contract account before trading.
Contract Parameters Overview
Pricing mechanism: Contract indices reference external market data. When external reference markets are outside normal trading hours, the contract index price enters a quote hold state, continuously using the last valid quote before the period began. Traders should monitor the activity of external reference sources and set take-profit and stop-loss orders accordingly.
Margin modes: In cross-margin mode, all available balances in the contract account can be used as margin, reducing the risk of forced liquidation on individual positions. In isolated margin mode, margin is strictly segregated to specific positions, preventing risk from spreading to other positions.
Strategic Scenarios in the Metals Zone
Cross-asset allocation. Traditional precious metals and crypto assets exhibit distinct volatility profiles. Gate’s metals contracts, integrated into a unified account system and trading interface, allow flexible allocation between crypto and metals assets without switching platforms.
Instant response to macro events. When Federal Reserve rate decisions, nonfarm payrolls, or geopolitical events occur outside traditional market hours, metals perpetual contracts enable participants to adjust positions immediately, without waiting for markets to reopen.
Bidirectional trading capability. All metals contracts support both long and short positions, allowing traders to express market views in either direction. Opening a long position is done by buying; opening a short position is done by selling.
Conclusion
Gate’s Metals Zone connects exposure to precious and industrial metals with crypto-native trading infrastructure, making round-the-clock execution, bidirectional trading, and unified margin management a reality. From perpetual contracts to tokenized gold, the product matrix is designed with a single goal: to reduce friction in traditional metals markets related to trading hours, account structure, and pricing transparency.
