Gold (GC=F) futures opened at $3,406.70 per ounce Friday, up 0.8% from Thursday’s close of $3,380.90. This was gold’s highest opening price since May 7, when the precious metal opened at $3,418.70.
The price of gold rose after Israel attacked Iran’s nuclear program overnight. Iran responded with drone attacks. Iran Defense Minister General Aziz Nasirzadeh has previously said U.S. assets in the region could be targeted if tensions with Israel turn violent.
The violence follows ongoing tariff turmoil in the U.S. On Thursday, President Donald Trump threatened higher auto tariffs, after stating Wednesday that he would soon set unilateral tariffs in countries that hadn’t negotiated deals. The developments indicate rising geopolitical and economic uncertainty, conditions that often push gold prices higher.
The opening price of gold futures on Friday is up 0.8% from Thursday’s close of $3,380.90 per ounce. Friday’s opening price marks a gain of 1.3% over the past week, compared to the opening price of $3,364.30 on June 6. In the past month, the gold futures price has risen 5.4% compared to the opening price of $3,232 on May 13. In the past year, gold is up 47.5% from the opening price of $2,309.40 on June 13, 2024.
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The next time you go to Costco (COST), you may want to pick up some gold with that rotisserie chicken. Gold prices have been on a run lately, and what more convenient place can you find to buy a commodity?
In fact, the club store sells gold bars, silver coins, and platinum bars — three precious metals that many investors use to diversify their wealth.
Last week: Silver hits 13-year high: Why it’s breaking above the $35 level
The club store first offered gold bars in 2023, then added silver (SI=F) and platinum over the next year or so. Meanwhile, gold is hanging around its all-time high. Gold, silver, and platinum are all up more than at least 22% so far in 2025.
Intrigued by Costco’s precious metals offering? Read more here to learn key considerations for precious metals investing, the details of the Costco selection, and tips for managing your new investment.
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.
Historically, gold has shown extended up cycles and down cycles. The precious metal was in a growth phase from 2009 to 2011. It then trended down, failing to set a new high for nine years.
In those lackluster years for gold, your position will negatively impact your overall investment returns. If that feels problematic, a lower allocation percentage is more appropriate. On the other hand, you may be willing to accept gold’s underperforming years so you can benefit more in the good years. In this case, you can target a higher percentage.
The precious metal has been in the news lately, and many analysts are bullish on gold. In May, Goldman Sachs Research predicted gold would reach $3,700 a troy ounce by year-end 2025. That would equate to a 40% increase for the year, based on gold’s January 2 opening price of $2,633. Rising demand from central banks, along with uncertainty related to changing U.S. tariff policy, are the factors driving the increase.
