Gold futures () opened at $5,020.10 per troy ounce on Monday, up 0.8% from Friday’s closing price of $4,979.80. In early trading, the price of gold moderated slightly but remained above $5,000.
Last week was a volatile one for gold, with prices per ounce ranging between $4,400 and $5,082.20. According to a report over the weekend, China’s central bank continued to invest in gold in January, marking its 15th consecutive month of gold purchases. Strong demand from central banks was a major factor in gold’s strong performance in 2025. A weaker dollar, concerns about the Federal Reserve’s ability to operate without political influence and expectations of lower interest rates also contributed.
In 2026, the US dollar index () is down more than 1% on the year. However, concerns about the Federal Reserve’s independence and expectations about interest rates have eased after Donald Trump named Kevin Warsh as the next chairman of the Federal Reserve.
Attempting to manipulate the Federal Reserve and lower interest rates can increase demand for gold by making the US dollar less attractive for its reliability and earning potential.
More information: Alternatives to gold? How to invest in silver, platinum and palladium.
The opening price of gold futures on Monday rose 0.8% 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: +4.4%
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A month ago: +12.2%
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One year ago: +75.5%
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.