Gold futures (GC=F) opened at $4,529.10 per troy ounce on Monday, up 0.6% from Friday’s closing price of $4,500.90. The price of gold rose above $4,600, an all-time high, after the open.
Gold rose to a new high after Federal Reserve Chairman Jerome Powell announced that the Justice Department had subpoenaed the central bank and threatened criminal charges. The move stems from Powell’s testimony before the Senate Banking Committee on renovations to the Federal Reserve office building. US President Trump denied his involvement in the investigation.
Public tensions between Trump and Powell erupted in 2025 when the president openly pressured the Federal Reserve chair to lower interest rates. The incidents sparked widespread concern about the Federal Reserve committee’s ability to make interest rate decisions without political pressure, which, in turn, contributed to rising gold prices and the devaluation of the U.S. dollar last year.
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The opening price of gold futures on Monday rose 0.6% 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: +3.2%
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A month ago: +5.9%
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One year ago: +68.6%
Gold’s annual gain on December 29 was 74.5%.
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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
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.