Gold (GC=F) December futures opened at $4,135.20 per troy ounce on Monday, August 3, 2026, up 0.7% from Friday’s closing price. As of 7:58 a.m. ET, the price of gold edged down to $4,111.50
Gold prices this morning opened higher than Friday’s closing price, but are edging lower in early trading as markets assess President Trump’s announcement that the U.S. decided to pause extended airstrikes in Iran planned for Sunday night after U.S. allies in the Middle East asked the president to de-escalate.
Leaders in Iran, however, said they are not yet in active negotiations with the U.S., and claim they are currently only in talks with Oman regarding the Strait of Hormuz.
Pausing the airstrikes was certainly an important first step to get both countries back to the negotiating table, but peace talks will have to progress appreciably for inflation concerns to see any sustained reduction.
Current price of gold
The opening price of gold futures on Monday, August 3, 2026, was up 0.7% from Friday’s closing price. 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: +1.1%
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One month ago: +1.7%
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One year ago: +25.8%
For context, the one-year gain for gold was 95.6% on Jan. 29.
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Gold prices explained
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
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
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.
Factors that affect gold prices
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.
Price of gold chart
Whether you’re tracking the price since last month or last year, the price of gold chart below shows the precious metal’s change in value.