Pips, used in forex trading, should not be confused with bps (basis points), which are used in interest rate markets and represent 1/100th of 1% (i.e., 0.01%). The current prices of forex currency ...

Definition of a Gold Pip: In gold forex trading, a pip represents the smallest price movement, equal to 0.01 USD per ounce. This differs from currency pairs, where a pip is typically 0.0001.