Gold futures (GC=F) opened at $5,393 an ounce on Monday, up 2.8% from Friday’s closing price of $5,247.90. This is gold’s biggest near-open gain since November 28, 2025. The price of the yellow metal also rose in early trading.
This latest demonstration comes after the outbreak of violence in the Middle East. The United States and Israel launched airstrikes against Iran on Saturday, reportedly killing Supreme Leader Ali Khamenei and other top officials. The attacks continue and American casualties have been reported.
The war has affected stock futures, oil prices and the price of gold. The futures of the main stock indices are trending downward and oil prices have increased. Rising oil prices could impact inflation, which in turn influences the Fed’s actions on interest rates. Gold may gain amid global conflict and inflationary pressures, which typically increase safe haven demand.
The opening price of gold futures on Monday rose 2.8% from 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: +5.3%
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A month ago: +12.2%
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One year ago: +87.4%
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.
More information: How to invest in gold in 4 steps
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.
More information: Are you thinking of buying gold? Here’s what investors need to keep in mind.
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
More information: Who decides how much gold is worth? How prices are determined.
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.