Gold futures (GC=F) opened Monday at $4,568 per troy ounce, up 0.3% from Friday’s closing price of $4,552.70. The price of gold fell below $4,500 after hitting an all-time high in early trading.
Investor profit-taking and reported progress on a peace deal in Ukraine may have contributed to gold’s pullback from its record high on Monday morning. Gold has soared in recent days on trends that have been present throughout 2025. A weaker US dollar, falling interest rates and broad economic and geopolitical uncertainty have stoked demand from institutional and retail investors. The yellow metal rose above $4,500 a troy ounce before Christmas and advanced towards $4,600 on Monday morning. The subsequent pullback suggests that the peak of this latest rally has come and gone.
President Trump and Ukrainian President Volodymyr Zelenskyy reported progress in peace talks on Sunday. The development may also have reduced demand for gold, which is typically driven by geopolitical conflicts.
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The opening price of gold futures on Monday was 0.3% higher 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: +4.5%
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A month ago: +9.7%
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One year ago: +74.5%
Gold’s one-year gain is the highest on record in the second half of 2025%.
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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 at 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.