The price of gold and silver refers to their price per ounce and in USD. For example, when you see a price quote for gold as follows: 653.65/654.15, it means that an ounce of gold is traded for 653.65 USD (sell) and 654.15 USD (buy).
For crude oil, the price refers to its price per barrel. For example, when you see a price quote for crude oil as follows: 68.335/68.365, it means that a barrel of crude oil is traded for 68.335 USD (sell) and 68.365 USD (buy). Crude oil prices are affected mostly by geopolitical issues, as well as supply and demand conditions in gasoline.
As mentioned above, commodity trading with leverage can lead to large profits, but it may also lead to substantial loss. When buying a commodity futures contract, your risk is theoretically limited to the price of the commodity dropping to zero (a very unlikely scenario). When selling, your risk is theoretically unlimited since the price of a given commodity has no absolute ceiling. In practice, however, you can limit your loss by offsetting your position when the market is moving against you or by placing a stop-loss order.
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