June gold futures (GC=F) opened at $4,548 per troy ounce on Thursday, up 0.3% from Wednesday’s close of $4,535.30. The price of gold fell this morning, trading at $4,514.20 at 6:53 am ET.
Gold prices remain stuck in the middle between President Trump’s signals that the war with Iran is in its final stages and strong rhetoric from both the United States and Iran that more conflicts are around the corner. Investors are focused on reopening the Strait of Hormuz so oil and natural gas can resume flowing to countries around the world, reducing inflation levels and reducing the need for central banks to raise rates. Higher interest rates tend to cap gold prices since the precious metal does not pay interest.
Current price of gold.
The opening price of gold futures on Thursday rose 0.3% from Wednesday’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: -2.8%
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A month ago: -3.2%
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One year ago: +38.1%
Gold’s year-on-year growth was 95.6% on January 29.
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Gold IRA: what it is, how it works
If you’re saving gold bullion for a rainy day, you may have a chance to earn some tax benefits in the process. You could establish a gold IRA to hold those assets and diversify your retirement wealth.
More information: How to invest in gold in 4 steps
A gold IRA is a special form of self-directed IRA designed for gold and other precious metals.
Gold IRA vs Traditional IRA
The following table compares the main features of standard IRAs and gold IRAs.
IRS restrictions
You should work with a specialized provider who can ensure your account complies with these IRS restrictions:
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Storage: Your gold must be kept in an IRS-approved facility.
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Types of assets: A gold IRA can contain physical gold, silver, platinum, or palladium, but not all forms of these metals are eligible. For example, gold bars, silver coins, and ingots must meet purity requirements. Additionally, gold bars must come from approved refineries.
More information: Gold IRA: Benefits, Risks, and How It’s Different from a Traditional IRA
Gold price chart
Whether you’re following the price of gold from last month or last year, the gold price chart below shows the journey of the precious metal’s value so far this year.