Gold () futures opened at $4,018.30 per ounce on Monday, up 1.1% from Friday’s close of $3,975.90. The price of gold also rose in early trading to a record $4,099.60.
Trade tensions between the U.S. and China escalated Friday, contributing to gold’s rise above $4,000 per ounce. President Trump said the U.S. would impose an additional 100% tariff on Chinese imports after Beijing announced export controls on rare earth minerals. These metallic elements are used to make technology products like smartphone screens and electric motors. On Sunday, President Trump softened his tone about the conflict, writing, “Don’t worry about China, it will all be fine!” on Truth Social.
Trump’s tariff agenda has supported gold’s historic rise this year by increasing economic uncertainty, since the longer-term economic effects of aggressive U.S. import levies are still unknown.
The opening price of gold futures on Monday is up 1.1% from Friday’s close of $3,975.90 per ounce. Monday’s opening price is up 2.2% from the opening price of $3,931.30 one week ago on October 6. In the past month, the gold futures price increased 9.9% compared to the opening price of $3,655.50 on September 12. Over the past year, gold is up 52.3% from the opening price of $2,638.30 on October 11, 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:
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:
Geopolitical events
Central bank buying trends
Inflation
Interest rates
Mining production
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.
