Catalysts comprising particles of gold smaller than ca. 10 nm supported on reducible oxides have attracted considerable interest for use in water-gas shift because they are active at very low temperatures. There have been many investigations of the effect of preparation and pre-processing upon the catalysts' activity and structure, but there do not appear to have been many published kinetic studies. In this work, gold particles were formed on a ferrochrome water-gas shift catalyst using a deposition-precipitation procedure. The nominal loading of gold was 3% by mass, and before use the catalyst was reduced in 10% hydrogen at 493 K for 3 h. The activity of the catalyst was observed to decrease steadily at water-gas shift reaction conditions. For this reason, kinetics measurements utilized a bracketing technique wherein the system was regularly returned to a standard set of reaction conditions. The change in activity over time at these standard reaction conditions was used to compute an activity factor for all other measurements. Assuming that the observed deactivation was primarily attributable to decreasing gold particle surface area, the activity factor could then be used to account for the deactivation during the kinetics measurements. The kinetics were studied at temperatures between 433 K and 453 K and atmospheric pressure. Temperature, space velocity and feed composition were varied during the measurements. Power-law kinetic expressions, including a term to account for the approach to equilibrium, were found to describe the kinetics of the reaction reasonably well. The mechanistic implications of the observed power-law kinetic parameters will be discussed.