Gold () futures opened Monday at $5,020.10 a troy ounce, up 0.8% from Friday’s close of $4,979.80. In early trading, the price of gold moderated slightly, but remained above $5,000.

Last week was volatile for gold, with prices per ounce ranging between $4,400 and $5,082.20. According to a report over the weekend, China’s central bank continued to invest in gold in January, marking its 15th consecutive month of gold purchases. Strong central bank demand was a major factor in gold’s strong performance in 2025. A weaker dollar, concerns about the Fed’s ability to operate without political influence and lower interest rate expectations also contributed.

In 2026, the US dollar index () is down more than 1% during the year. However, concerns about Fed independence and interest rate expectations have eased following Donald Trump’s nomination of Kevin Warsh as the Fed’s next chairman.

Trying to manipulate the Fed and lower interest rates can increase demand for gold by making the US dollar less attractive for reliability and income potential.

More information: Gold alternatives? How to invest in silver, platinum and palladium.

The opening price of gold futures on Monday was up 0.8% from Friday’s close. Here’s a look at how the opening gold price has changed over the past week, month and year:

• A week ago: +4.4%

• A month ago: +12.2%

• A year ago: +75.5%

Gold’s one-year gain was 95.6% on January 29.

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The price of gold can be quoted in multiple ways because the precious metal is traded in different ways. The two main gold prices that investors should be aware of are spot prices and gold futures prices.

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The spot price of gold is the current market price per ounce of physical gold as a commodity, sometimes called spot gold. Gold ETFs that are backed by physical gold assets generally track the spot price of gold.

The spot price is less than what you would pay to buy gold coins, bullion or jewelry because your total price will include a margin called the gold premium that covers refining, marketing, dealer overhead and profit. The spot price is more like a wholesale price, and the spot price plus the gold premium is the retail price.

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Gold futures are contracts that commit to a gold transaction at a specific price at a future date. These contracts are traded on an exchange and are more liquid than physical gold. They are settled on or before the expiry date of the contract, either financially or by delivery. A cash financial settlement involves paying the contract gains or losses in cash. Delivery means that the seller sends physical gold to the buyer for the contracted price.

Supply and demand determine gold spot prices and gold futures prices. Factors influencing the supply and demand for gold include:

1. Geopolitical events

2. Central bank buying trends

3. inflation

4. Interest rate

5. Mining production

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Whether you’re tracking the price of gold from last month or last year, the gold price chart below shows the precious metal’s steady rise in value.

More information: Gold alternatives? How to invest in silver, platinum and palladium.