Gold (GC=F) futures opened at $4,114.80 per ounce on Thursday, up 1.7% from Wednesday’s close of $4,044.40. The price of gold declined in trading on Tuesday and Wednesday of this week.
Gold’s pullback may be leveling out, as the price of the precious metal rose in early trading Thursday. Even with the recent decline of more than 8% from peak to trough, gold is up 52% for the year. Geopolitical and economic uncertainty are key factors, driving demand from central banks and Wall Street. President Trump’s tariff agenda has fueled the uncertainty and sparked new geopolitical tensions, particularly with China. Treasury Secretary Scott Bessent is set to meet with China’s Vice Premier Friday to negotiate tariffs ahead of Trump’s meeting with Chinese leader Xi Jinping later this month.
A trade agreement with China could soften demand for gold.
Learn more: The flip side of gold’s massive year
The opening price of gold futures on Thursday is up 1.7% from Wednesday’s close of $4,044.40 per ounce. Thursday’s opening price is down 2% from the opening price of $4,198.80 one week ago on October 16. In the past month, the gold futures price increased 9.8% compared to the opening price of $3,747 on September 23. Over the past year, gold is up 50% from the opening price of $2,742.50 on October 23, 2024.
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.
Want to learn more about the current top-performing companies in the gold industry? Explore a list of the top-performing companies in the gold industry using the Yahoo Finance Screener. You can create your own screeners with over 150 different screening criteria.
Learn more: Gold vs. crypto: Which should investors own in debasement trade?
If you are socking gold bars away for a rainy day, there may be an opportunity to earn some tax perks in the process. You could establish a gold IRA to hold those assets and diversify your retirement wealth.
A gold IRA is a specialty form of self-directed IRA that’s designed for gold and other precious metals.
Learn more:
The table below compares the main features of standard IRAs and gold IRAs.
You must work with a specialty provider that can ensure your account complies with these IRS restrictions:
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Storage. Your gold must be held in an IRS-approved facility.
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Asset types. A gold IRA can hold physical gold, silver, platinum, or palladium — but not all forms of these metals are eligible. For example, gold bullion and silver coins and bars must meet purity requirements. Additionally, gold bars must come from approved refiners.
Learn more: Gold IRA: Benefits, risks, and how it differs from a traditional IRA
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.
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