Microsoft's Xbox One might be pacing behind Sony's PlayStation 4 in the early sales race, but Xbox boss Phil Spencer sees a future where his console comes out on top.

"We are in this to win and to compete, compete on all levels; functionality, games, value. All of those things are incredibly important to us," Spencer told GameSpot today at GDC.

At $500, the Xbox One is the most expensive console on the market today, but this premium price point won't hurt the console if Microsoft can deliver value to gamers, Spencer said.

"Clearly we see the price difference in market between our box and Sony's box. We're not blind to that," Spencer said. "We believe in the value proposition that we have there, but we also want to make sure we're a great value for our consumers."

Part of the way Spencer said Microsoft is delivering value to consumers is through the existing Titanfall and Forza 5 bundles, as well as initiatives like Games with Gold.

We asked Spencer when the Xbox One equivalent of Games with Gold, but he wouldn't give us a specific start-date or even a window. He did stress, however, that Microsoft understands how important the promotion is to gamers.

"We're not blind to that fact that [Games with Gold] is something that people have found value on [for Xbox 360], and clearly, we want people to find value with Gold on Xbox One," he said.

Games with Gold for Xbox One "won't be exactly the same" as its Xbox 360 counterpart, Spencer said, but he made clear that the Xbox Live platform itself is "really important to us and making sure that we get that whole social community plugged in is critical."