Gold futures () opened at $4,490 per troy ounce on Monday, down 5.4% from Friday’s closing price of $4,745.10. Week after week, the price of April futures is down more than 11%.
Despite the current sell-off, the price of gold is still up almost 60% since this time last year.
Stock investors may also be nervous on Monday: S&P futures () are currently down 0.3%, Dow Jones futures () are down 0.04%, and Nasdaq 100 futures () are down 0.6%.
Upcoming economic data and earnings reports may clarify the uncertainty. With the fourth quarter earnings season underway, the US jobs report and a preliminary reading of consumer confidence will be released on Friday. So far, the S&P 500 is reporting double-digit earnings growth year-over-year for the fifth consecutive quarter.
Gold often moves in the opposite direction of stock prices, but that relationship did not hold in 2025, when gold and the S&P 500 posted double-digit gains.
The opening price of gold futures on Monday fell 5.4% compared to Friday’s close. Below is how the opening price of gold has changed compared to the past week, month and year:
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A week ago: -11.6%
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A month ago: +3.2%
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One year ago: +58.7%
Gold’s annual gain was 95.6% on January 29.
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The price of gold can be quoted in multiple ways because the precious metal is traded in different ways. The two main gold prices that investors should be aware of are spot prices and gold futures prices.
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The gold spot price is the current market price per ounce of physical gold as a commodity, sometimes called spot gold. Gold ETFs that are backed by physical gold assets generally track the spot price of gold.
The spot price is lower than what you would pay to buy gold coins, bars, or jewelry, as your total price will include a margin called the gold premium that covers refining, marketing, dealer overhead, and profit. The spot price is more like a wholesale price, and the spot price plus the gold premium is the retail price.
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Gold futures are contracts that call for a transaction in gold at a specific price on a future date. These contracts are traded on the exchange and are more liquid than physical gold. They are settled on or before the contract expiration date, either financially or by delivery. A cash settlement involves paying the contract profit or loss in cash. Delivery means that 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 the supply and demand of gold include:
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Geopolitical events
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Central bank purchasing trends
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Inflation
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Interest rates
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Mining production
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Whether you are following the price of gold from last month or last year, the gold price chart below shows the constant rise in value of the precious metal.
More information: Alternatives to gold? How to invest in silver, platinum and palladium.