Gold (GC=F) futures opened at a record $4,635.70 per troy ounce on Thursday, flat with Wednesday’s closing price. The price of gold declined slightly in early trading.
Geopolitical tensions and concern about the Federal Reserve’s ability to make policy decisions without political manipulation have kept gold near record highs this week. The softening of gold’s price on Thursday after opening follows an announcement from President Trump that Iran has stopped killing political protestors. Earlier in the week, President Trump encouraged the protests and implied that U.S. help was imminent. Some sources reported the U.S. removed personnel from key bases in that region as a security precaution, a sign of possible U.S. military action.
At home, the investigation into Fed Chair Jerome Powell is ongoing. President Trump said he doesn’t plan to fire Powell, which may quiet some concerns about the president’s attempts to force lower interest rates.
Lower interest rates benefit gold by reducing income available from competing assets like cash.
Learn more: Gold alternatives? How to invest in silver, platinum, and palladium.
The opening price of gold futures on Thursday was flat with Wednesday’s close. 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: +3.9%
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One month ago: +7.6%
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One year ago: +72.3%
Gold’s one-year gain on Dec. 29 was 74.5%.
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.
Learn more: How to invest in gold in 4 steps
A gold IRA is a specialty form of self-directed IRA that’s designed for gold and other precious metals.
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, 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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