Gold () futures opened at $4,269 per ounce on Monday, up 1.9% from Friday’s close of $4,189.90. Gold reached an all-time high of $4,358 on Friday.
The government shutdown that began Oct. 1 continues, a trade war with China remains unresolved, and new tariffs are coming online — all factors that could extend gold’s run. Last week, President Trump said the high tariffs on Chinese imports were “not sustainable,” implying the U.S. could take a softer stance going forward. Meanwhile, the Trump administration is working on a 25% tariff on medium and heavy-duty truck imports to be effective Nov. 1. Reportedly, there will be a large exception for auto parts.
The Economic Policy Uncertainty Index for the U.S., as reported by the St. Louis Fed, remains elevated. Uncertainty typically drives demand for gold as a store of value and safe-haven asset.
The opening price of gold futures on Monday is up 1.9% from Friday’s close of $4,189.90 per ounce. Monday’s opening price is up 6.3% from the opening price of $4,016 one week ago on Oct. 13. In the past month, the gold futures price increased 16.7% compared to the opening price of $3,659 on Sept. 19. Over the past year, gold is up 57.3% from the opening price of $2,713.70 on Oct. 18, 2024.
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Learn more: Gold vs. crypto: Which should investors own in debasement trade?
The price of gold can be quoted in multiple forms because the precious metal is traded in different ways. The two main gold prices investors should know about are spot prices and gold futures prices.
Learn more: How to invest in gold in 4 steps
The spot price of gold is the current market price per ounce for physical gold as a raw material, sometimes called spot gold. Gold ETFs that are backed by physical gold assets generally track the gold spot price.
The spot price is lower than what you’d pay to buy gold coins, bullion, or jewelry, since your total price will include a markup called the gold premium that covers refining, marketing, dealer overhead, and profits. The spot price is more like a wholesale price, and the spot price plus the gold premium is the retail price.
Gold futures are contracts that mandate a gold transaction at a specific price on a future date. These contracts are exchange-traded and more liquid than physical gold. They settle on the contract expiration date or earlier, either financially or via delivery. A financial cash settlement involves paying the contract’s profit or loss in cash. Delivery means 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 gold supply and demand include:
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Geopolitical events
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Central bank buying trends
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Inflation
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Interest rates
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Mining production
Learn more: Who decides what gold is worth? How prices are determined.
Whether you’re tracking the price of gold since last month or last year, the price-of-gold chart below shows the precious metal’s steady upward climb in value.
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