Gold (GC=F) June futures opened at $4,759.20 per troy ounce on Thursday, nearly even with Wednesday’s closing price of $4,753. The gold price moved downward in early trading, falling to $4,706.80 as of 6:20 a.m. ET.
Silver (SI=F) May futures opened at $77.84 per ounce on Thursday, 0.2% lower than Wednesday’s closing price of $77.96. The silver price also moved lower in early trading, moving down to $75.18 as of 6:20 a.m. ET.
Gold and silver prices both moved lower overnight and this morning amid soaring oil prices. Despite President Trump calling for an indefinite ceasefire with Iran, tensions have not cooled in the Middle East.
Iran reportedly fired on three ships in response to a recent U.S. naval attack and ongoing blockade near the Strait of Hormuz. The waterway previously transported 20% of the global oil supply, and its closure has sent energy prices soaring. Brent crude oil (BZ=F) prices breached $100 a barrel at the open. Brent crude oil prices did slide back to $97.76 as of 6:44 a.m. ET.
Continued high energy costs keep inflation concerns front and center for the Fed. Rising interest rates in response to inflation tend to suppress gold demand and pricing.
The opening price of gold futures on Thursday was nearly even with Wednesday’s close. Here’s a look at how the opening gold price has changed versus last week, month, and year:
One week ago: -1.1%
One month ago: +9.3%
One year ago: +43.3%
Gold’s year-over-year growth was 95.6% on Jan. 29.
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.
The opening price of silver futures on Thursday was also nearly even with Wednesday’s close. Here’s how the opening silver price has changed versus last week, month, and year:
One week ago: -1.7%
One month ago: +20.2%
One year ago: +132.4%
Learn more: How to invest in silver: A beginner’s guide
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:
Storage: Your gold must be held in an IRS-approved facility.
Asset types: A gold IRA can hold physical gold, silver, platinum, or palladium — but not all forms of these metals are…
Source: finance.yahoo.com
