Read both sides of the quote
Imagine a bid of USD 2,999.50 and an ask of USD 3,000.50 per ounce. The spread is USD 1 per ounce. These prices are invented for the example.
Follow the round trip
Buying two ounces at the ask costs USD 6,001. Immediately selling at the unchanged bid returns USD 5,999. The difference is USD 2, before commission or financing.
Small targets make costs more visible
A hypothetical USD 2 per ounce favourable move is not the same as USD 2 per ounce net profit. Spread, execution prices, commission and slippage determine what remains.
Avoid counting the spread twice
If your P&L already uses actual entry and exit fills, the spread is embedded in those prices. Add only additional costs. Quotes and liquidity can change rapidly around news.
Sources & further reading
Sources checked 13 November 2026. These organisations provide reference material and do not endorse this website.
