Gold (GC=F) June futures opened at $4,453.60 per troy ounce on Thursday, up 0.1% from Wednesday’s close of just $4,448.40. The price of gold moved even lower this morning, trading at $4,429.50 as of 6:43 a.m. ET.
Gold prices moved lower overnight and into this morning after reports that the U.S. shot down four Iranian drones and struck a drone-launching site in and around the Strait of Hormuz. The waterway, through which about a fifth of the world’s oil and natural gas flowed prior to the war, has been a major point of contention between the U.S. and Iran and a major factor in why more substantial progress hasn’t been made to end the war.
The price of oil (BZ=F) fell yesterday after Iranian reports said a peace proposal was in the works to help reopen the strait. However, President Trump remained firm that “nobody’s going to control [the strait]” and that the U.S. would “watch over it.” Since then, the price of oil has been up over 1%.
Current price of gold
The opening price of gold futures on Thursday was up 0.1% from Wednesday’s close. Here’s a look at how the opening gold price has changed versus last week, month, and year:
One week ago: -1.2%
One month ago: -4.9%
One year ago: +35.2%
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.
Gold IRA: What it is, how it works
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.
Gold IRA vs. traditional IRA
The table below compares the main features of standard IRAs and gold IRAs.
IRS restrictions
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 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
Price of gold chart
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 value journey so far this year.
Source: finance.yahoo.com
