June gold futures (GC=F) opened at $4,633.20 per troy ounce on Monday, down 3.2% from Friday’s closing price of $4,787.40. Gold rallied in early trading, moving to $4,739.40 as of 6:55 a.m. ET.
May silver futures (SI=F) opened at $73.69 an ounce on Monday, down 3.6% from Friday’s closing price of $76.48. The price of silver rose to $74.47 at 6:55 am ET.
The price of gold and the price of silver today face multiple catalysts. The latest CPI report showed March prices rose 3.3%, the biggest gain since April 2024. Rising gas prices related to the Iran war were the main contributor. An outbreak of inflation readjusts the outlook for interest rates. Rather than lowering rates this year, the Fed is more likely to maintain or raise borrowing costs. In the absence of other factors, higher interest rates generally reduce the demand and price of gold.
Over the weekend, President Trump ordered a blockade of the Strait of Hormuz after the collapse of peace talks with Iran. Rising tensions in the Middle East have kept traders on edge and increased the likelihood of an economic slowdown caused by persistently high fuel prices. The demand for gold as a safe haven can increase during economic crises. This, along with lingering hopes for a diplomatic end to the war, contributed to gold’s post-opening rally.
The opening price of gold futures on Monday was 3.2% lower than 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: -0.5%
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A month ago: -9%
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One year ago: +45.6%
Gold’s annual gain was 95.6% on January 29.
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The opening price of silver futures on Monday was down 3.6% from Friday’s close. Here is how the opening price of silver has changed compared to the past week, month and year:
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A week ago: +2.6%
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A month ago: -10.1%
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One year ago: +136.8%
More information: How to invest in silver: a beginner’s guide
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 economically 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 and silver from last month or last year, the gold and silver price charts below show the change in value of the precious metals.