June gold futures (GC=F) opened at $4,690 per troy ounce on Monday, down 0.9% from the previous closing price. Gold fell further in early trading, falling to $4,673.90 as of 6:45 a.m. ET.
July silver futures (SI=F) opened at $80.15 an ounce on Monday, also down 0.9% from the previous closing price. The price of silver rose in early trading to $81.06 as of 6:45 a.m. ET.
President Trump has rejected Iran’s latest peace proposal, calling it “TOTALLY UNACCEPTABLE!” in a Truth Social post yesterday. As a result, gold prices are lower, stocks are holding ahead of the open, and oil is back above $103 a barrel this morning.
Consumer and producer price reports will be released later this week and will provide a clearer picture of how the months-long war with Iran is affecting prices and raising concerns about inflation.
Current price of gold.
The opening price of gold futures on Monday was down 0.9% from Friday’s closing price. 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: +2.4%
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A month ago: -1.2%
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One year ago: +42.2%
Gold’s annual gain was 95.6% on January 29.
24/7 Gold Price Tracking: Don’t forget that you can monitor the current price of gold on Yahoo Finance 24 hours a day, seven days a week.
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Current price of silver.
Monday’s silver futures opening price was 0.9% lower than Friday’s closing price. 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: +6.3%
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A month ago: +6.4%
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One year ago: +145.3%
More information: How to invest in silver: a beginner’s guide
Gold prices explained
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 cash price
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
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.
Factors affecting gold prices.
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.
Gold and silver price charts.
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.
More silver coverage from the Yahoo Finance team: