Gold (GC=F) futures opened at $4,844.70 per troy ounce on Thursday, down 2.1% from Wednesday’s closing price of $4,950.80. The opening price was 13.3% lower than the high of $5,586.20 achieved on Jan. 29.
A stronger U.S. dollar kept the gold price down today. The US Dollar Index (DX-Y-NYB) is currently up 0.26% in the last day and 0.9% in the last five days. In the absence of fresh headlines related to interest rates, tariff threats, and changing U.S. foreign relations, investors may also be more focused on the decline in technology stocks. The Nasdaq Composite (^IXIC) fell 1.5% on Wednesday, and the S&P 500 (^GSPC) slipped 0.5%, fueled by concerns about AI’s payoff. Software stocks were hit badly before the sell-off migrated to megacap tech stocks.
Gold may come more into focus when the January employment report is published on Friday. The ADP employment report, released on Wednesday, showed the economy added 22,000 private jobs in January, versus an expected 45,000.
Learn more: Gold alternatives? How to invest in silver, platinum, and palladium.
The opening price of gold futures on Thursday was 2.1% lower than 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: -10.5%
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One month ago: +10.4%
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One year ago: +70%
Gold’s one-year gain on Jan. 29 was 95.6%.
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.
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.
Learn more: Gold alternatives? How to invest in silver, platinum, and palladium.
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