Gold opens above $5,000 for the first time

Gold (GC=F) futures opened at $5,013.40 per troy ounce on Monday, up 0.7% from Friday’s closing price of $4,979.70. This was the first time the price of gold opened above $5,000.

Gold’s move above $5,000 follows a weekend threat by President Trump to levy a 100% tariff on all Canadian imports if the U.S. neighbor “makes a deal with China.” While Trump’s Truth Social post isn’t specific, the threat likely relates to a trade partnership Canada recently announced involving Chinese electric vehicles and Canadian agricultural products. The tariff threat is a change in course for Trump, who had initially responded positively to news of Canada’s agreement with China.

Last week, Trump’s threats against U.S. European allies over Greenland contributed to gold’s rise above $4,900 per ounce. Instability in U.S. foreign relations is a key driver of safe-haven demand for gold. It is also a headwind for the value of the U.S. dollar, which has moved into negative territory for the year, per the U.S. Dollar Index (DX-Y.NYB). The dollar is a competing asset for gold.

The opening price of gold futures on Monday rose 0.7% from Friday’s close. Here’s a look at how the opening gold price has changed versus last week, month, and year:

One week ago: +8.8%

One month ago: +11.1%

One year ago: +81.7%

At 81.7%, gold’s one-year gain is the highest it has been in 2025 and 2026.

24/7 gold price tracking: Don’t forget you can monitor the current price of gold on Yahoo Finance 24 hours a day, seven days a week.

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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:

Geopolitical events

Central bank buying trends

Inflation

Interest rates

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.