Gold briefly falls below $4,300, its lowest price of 2026

Gold (GC=F) April futures opened at $4,515 per troy ounce on Monday, 1.3% lower than Friday’s closing price of $4,574.90. The gold price fell below $4,250 in early trading.

Inflation concerns stemming from the escalating Iran war prompted gold’s retreat to its lowest price of 2026. Oil prices remain elevated, with Brent Crude (BZ=F) currently up about 75% for the year, and the war appears to be intensifying. On Saturday, President Trump threatened to attack Iran’s power plants if the country did not reopen the Strait of Hormuz, a critical transport route for oil shipments. Iran said it would retaliate against neighboring countries if Trump acted on his threat.

The waterway’s closure has disrupted the global oil supply, contributing to the rise in oil prices.

An extended trend of higher fuel prices threatens to spark broader inflation in the U.S. and globally. That could invite higher interest rates, at a time when traders previously expected the Fed to reduce borrowing costs. Higher interest rates reduce demand for gold since the yellow metal does not pay a coupon.

The opening price of gold futures on Monday was 1.3% lower than Friday’s close. Here’s a look at how the opening gold price has changed versus last week, month, and year:

One week ago: -9.7%

One month ago: -11.8%

One year ago: +48.8%

The one-year gain for gold was 95.6% on Jan. 29.

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The price of gold can be quoted in multiple forms because the precious metal is traded in different ways. The two main gold prices investors should know about are spot prices and gold futures prices.

Learn more: How to invest in gold in 4 steps

The spot price of gold is the current market price per ounce for physical gold as a raw material, sometimes called spot gold. Gold ETFs that are backed by physical gold assets generally track the gold spot price.

The spot price is lower than what you’d pay to buy gold coins, bullion, or jewelry, since your total price will include a markup called the gold premium that covers refining, marketing, dealer overhead, and profits. The spot price is more like a wholesale price, and the spot price plus the gold premium is the retail price.

Learn more: Thinking of buying gold? Here’s what investors should watch for.

Gold futures are contracts that mandate a gold transaction at a specific price on a future date. These contracts are exchange-traded and more liquid than physical gold. They settle on the contract expiration date or earlier, either financially or via delivery. A financial cash settlement involves paying the contract’s profit or loss in cash. Delivery means the seller sends physical gold to the buyer for the contracted price.

Supply and demand determine gold spot prices and gold futures prices. Factors that influence gold supply and demand include:

Geopolitical events

Central bank buying trends

Inflation

Interest rates

Mining production

Learn more: Who decides what gold is worth? How prices are determined.

Whether you’re tracking the price of gold since last month or last year, the price-of-gold chart below shows the precious metal’s steady upward climb in value.

Learn more: Gold alternatives? How to invest in silver, platinum, and palladium.