Gold (GC=F) futures opened at $4,529.10 per troy ounce on Monday, up 0.6% from Friday’s closing price of $4,500.90. The price of gold rose above $4,600, a record high, after the open.
Gold surged to a new high after Fed Chair Jerome Powell announced the Justice Department had subpoenaed the central bank and threatened criminal charges. The move stems from Powell’s testimony before the Senate Banking Committee on renovations to the Fed’s office building. U.S. President Trump denied involvement in the investigation.
Public tensions between Trump and Powell erupted in 2025 as the president openly pressured the Fed chair to lower interest rates. The incidents prompted broad concern about the Fed committee’s ability to make interest rate decisions without political pressure, which, in turn, contributed to higher gold prices and devaluation of the U.S. dollar last year.
Learn more: Gold alternatives? How to invest in silver, platinum, and palladium.
The opening price of gold futures on Monday rose 0.6% from Friday’s close. Here’s a look at how the opening gold price has changed versus last week, month, and year:
One week ago: +3.2%
One month ago: +5.9%
One year ago: +68.6%
Gold’s one-year gain on Dec. 29 was 74.5%.
24/7 gold price tracking: Don’t forget you can monitor the current price of gold on Yahoo Finance 24 hours a day, seven days a week.
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Learn more: Gold vs. crypto: Which should investors own in debasement trade?
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.
