The short answer
No — not as a spot XAU/USD CFD with a US-regulated retail broker. Under section 2(c)(2)(D) of the Commodity Exchange Act, a leveraged commodity transaction offered to a retail customer must be executed on a regulated exchange unless it results in actual delivery within 28 days. Offering CFDs to retail off-exchange is unlawful unless the counterparty is an enumerated regulated entity. Yes — you can trade gold, through exchange-traded futures, ETFs, mining shares or physical metal. The instrument is restricted; the market is not.
The direct answer
You cannot open a spot XAU/USD CFD with a US-regulated retail broker. If you have been clicking through platforms wondering what you are doing wrong: nothing. The product is not offered to you because of how US law classifies it.
You can absolutely take a position on the gold price. Those are two different statements, and conflating them is why this question generates so much confusion.
The reason, in one line
Gold is a commodity, not a currency — so it does not travel the retail-forex road that EUR/USD travels.
Under CEA section 2(c)(2)(D), leveraged, margined or financed commodity transactions offered to retail customers must be conducted on a regulated exchange. The only relevant exception, at section 2(c)(2)(D)(ii)(III)(aa), applies where the contract results in actual delivery within 28 days — genuine physical dealing, not leveraged speculation.
Layered on top: off-exchange CFDs to retail customers are unlawful unless the counterparty is an entity enumerated in section 2(c)(2)(B)(ii), such as a registered FCM or RFED. The full reasoning is in how to trade gold in the US.
"But I found a broker that lets me"
You probably did. Offshore firms do onboard US residents for gold CFDs, frequently advertising leverage no domestic firm could offer.
The relevant question is not whether you can click the button. It is what you own when something goes wrong. With an unregistered offshore counterparty there is no CFTC-registered firm on the other side, no NFA arbitration, and no realistic path to recovering funds if withdrawals stall or the firm collapses. You are not trading with the protections you are used to — you are trading on trust, with a firm that has already chosen to operate outside the registration rules.
Check any firm soliciting you against NFA BASIC, the National Futures Association's free public background database. Absence is your answer.
Note also that high advertised leverage is not the benefit it appears to be — see what leverage really is and risk of ruin. Traders often go offshore chasing exactly the feature most likely to end their account.
What to do instead
Gold futures on a US regulated exchange, through a registered FCM — the closest equivalent to what you were attempting, with smaller contract sizes available for retail accounts.
Gold ETFs in an ordinary brokerage account — simplest access, no expiry to manage, an expense ratio to weigh.
Mining equities — leveraged exposure to gold plus company and jurisdiction risk. Not a clean proxy.
Physical metal — no leverage, no trading counterparty, but spreads and storage.
Compare the first two in gold futures versus ETFs. We recommend no specific product, fund or broker — we take no commissions and run no affiliate links.
Caveat
This is general education, not legal or investment advice, reflecting publicly available CFTC material as at 20 July 2026. Rules change and application depends on the specific product and counterparty. Verify with the CFTC and NFA before acting.
Frequently Asked Questions
Can XAUUSD be traded in the US?
Not as a spot CFD with a US-regulated retail broker, because leveraged retail commodity transactions must be executed on a regulated exchange under CEA section 2(c)(2)(D). You can still take a gold position through exchange-traded futures, ETFs, mining shares or physical metal.
Why don't US brokers offer XAUUSD?
Because gold is classified as a commodity rather than a currency, so it falls outside the retail off-exchange forex regime. Leveraged retail commodity transactions must go through a regulated exchange, and off-exchange CFDs to retail are unlawful unless the counterparty is an enumerated regulated entity.
Can I use an offshore broker to trade gold from the US?
Offshore firms do onboard US residents, but you would sit outside the US regulatory perimeter with no CFTC-registered counterparty and little practical recourse if withdrawals stall. Check any firm against NFA BASIC before considering it. This is not legal advice.
What is the closest US equivalent to spot XAU/USD?
Exchange-traded gold futures through a registered futures commission merchant. They provide leveraged gold exposure on a regulated exchange, with smaller contract sizes available for retail-sized accounts, though you must manage expiry and rollover.
Does this restriction apply to gold ETFs?
No. Gold ETFs are securities traded on exchanges under SEC regulation and are held in an ordinary brokerage account. The Commodity Exchange Act provisions discussed here concern leveraged off-exchange retail commodity transactions.