Gold (GC=F) futures opened at $4,568 per troy ounce Monday, up 0.3% from Friday’s closing price of $4,552.70. The gold price fell below $4,500 after hitting an all-time high in early trading.
Investor profit-taking and reported progress on a Ukraine peace deal may have contributed to gold’s pullback from its record high Monday morning. Gold has surged in recent days on trends that have been at work throughout 2025. A weaker U.S. dollar, falling interest rates, and broad economic and geopolitical uncertainty have stoked institutional and retail investor demand. The yellow metal rose above $4,500 a troy ounce before Christmas and moved toward $4,600 Monday morning. The subsequent pullback suggests the peak for this latest rally has come and gone.
President Trump and Ukrainian President Volodymyr Zelenskyy reported progress on peace talks Sunday. The development may have also reduced gold demand, which is typically fueled by geopolitical conflict.
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The opening price of gold futures on Monday was 0.3% higher than Friday’s close. Here’s a look at how the opening gold price has changed versus last week, month, and year:
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One week ago: +4.5%
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One month ago: +9.7%
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One year ago: +74.5%
Gold’s one-year gain is the highest it’s been in the second half of 2025%.
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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.
Learn more: Thinking of buying gold? Here’s what investors should watch for.
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.