The stock symbol for an ounce of gold is "XAU." The price of the commodity reflects the price of 1 ounce of the precious metal in U.S. dollars when traded.
Trading with gold rates is done using the over-the-counter method, where the trading is done directly between the two parties without the involvement of an exchange market. As with foreign currency rates, trading does not require the physical sale or purchase of the precious commodity. Gold rates are regarded like any foreign currency and are traded worldwide Monday through Friday between 01:00 and 17:30 GMT, though the trade is only executed against the U.S. dollar.