Foundations
The idea
A pip is a conventional price increment; a point can be a smaller platform increment. Many non-JPY FX pairs use a pip of 0.0001, while many JPY pairs use 0.01. Gold quote increments and contract sizes vary by broker. A lot measures contract quantity, not your risk budget.
A worked example
With 10,000 units of EUR/USD and a 0.0001 pip, one pip is USD 1 before conversion and costs. For gold, check ounces per lot rather than applying the FX contract convention.
Try it yourself
Read a demo symbol specification. Record contract size, minimum lot, lot increment and tick size.
A mistake to avoid
Using an FX pip calculator for gold without changing its contract assumptions.