Gold (GC=F) June futures opened at $4,713.10 per troy ounce on Monday, 0.6% lower than Friday’s closing price of $4,740.90. Gold continued within a narrow range in early trading, moving to $4,719.40 by 6:30 a.m. ET.
Silver (SI=F) May futures opened at $75.50 per ounce on Monday, 1.2% lower than Friday’s closing price of $76.41. The price of silver was little changed in early trading, edging up to $75.63 by 6:30 a.m. ET.
The prices of gold and silver have been holding steady since Friday, as investors adopt a wait-and-see approach to the conflict in the Middle East. A report over the weekend that Iran sent a fresh proposal to Washington has renewed optimism that the Strait of Hormuz can soon reopen and supply chains can be restored.
Yet, with a U.S. naval blockade still in place, Iran continuing to restrict access to the Strait of Hormuz, and delegates from the U.S. and Iran still not meeting face-to-face, it will be another week of touch-and-go optimism.
The Fed will conclude a policy-setting meeting later this week, with the vast majority of market observers expecting the Fed to leave rates unchanged. We’ll be paying extra close attention to the Fed’s comments following their meeting to get a sense of whether rates may rise later this year to combat rising inflation set off by the war in Iran.
Rising interest rates tend to put downward pressure on gold prices.
Current price of gold
The opening price of gold futures on Monday was 0.6% lower than Friday’s close. Here’s a look at how the opening gold price has changed versus last week, month, and year:
One week ago: -1.7%
One month ago: +4.9%
One year ago: +40.5%
The one-year gain for gold was 95.6% on Jan. 29.
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Current price of silver
The opening price of silver futures on Monday was down 1.2% from Friday’s close. Here’s how the opening silver price has changed versus last week, month, and year:
One week ago: -5.1%
One month ago: +11.8%
One year ago: +128.9%
Learn more: How to invest in silver: A beginner’s guide
Gold prices explained
The price of gold can be quoted in multiple forms because the precious metal is traded in different ways. The two main gold prices investors should know about are spot prices and gold futures prices.
Learn more: How to invest in gold in 4 steps
The spot price
The spot price of gold is the current market price per ounce for physical gold as a raw material, sometimes called spot gold. Gold ETFs that are backed by physical gold assets generally track the gold spot price.
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Source: finance.yahoo.com
