Gold Price Drops Below $4,500 After Record Open

Gold (CG=F) futures opened at $4,568 per troy ounce on Monday, up 0.3% from Friday’s closing price of $4,552.70. Gold prices fell below $4,500 after hitting an all-time high in early trading.

Profit-taking by investors and progress announced on a peace deal in Ukraine may have contributed to gold’s decline from its record high on Monday morning. Gold has surged in recent days based on trends that have been at work throughout 2025. A weaker U.S. dollar, falling interest rates and significant economic and geopolitical uncertainty have fueled demand from institutional and retail investors. The yellow metal surpassed $4,500 per troy ounce before Christmas and moved closer to $4,600 on Monday morning. The subsequent pullback suggests that the peak of this latest rally has passed.

President Trump and Ukrainian President Volodymyr Zelenskyy reported progress in peace talks on Sunday. This development may also have reduced demand for gold, which is usually fueled by geopolitical conflicts.

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The opening price of gold futures on Monday was 0.3% higher than Friday’s closing price. Here’s a look at how gold’s opening price has changed over the past week, month and year:

• A week ago: +4.5%

• A month ago: +9.7%

• A year ago: +74.5%

Gold’s one-year gain is the highest on record in the second half of 2025%.

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The price of gold can be quoted in several forms because the precious metal is traded in different ways. The two main gold prices that investors should be aware of are spot prices and gold futures prices.

Learn more: How to invest in gold in 4 steps

The spot price of gold is the current market price per ounce for physical gold as a commodity, sometimes called spot gold. Gold ETFs backed by physical gold assets generally track the spot price of gold.

The spot price is lower than what you would pay to buy gold coins, bars or jewelry because your total price will include a markup called a gold premium that covers refining, marketing, dealer overhead and profit. The spot price is more like a wholesale price, and the spot price plus the gold premium makes up the retail price.

Learn more: Are you considering buying gold? Here’s what investors should pay attention to.

Gold futures are contracts that mandate a transaction in gold at a specific price on a future date. These contracts are exchange-traded and more liquid than physical gold. They are paid on or before the expiry date of the contract, either financially or by delivery. A financial cash settlement involves paying in cash the profit or loss of the contract. Delivery means the seller sends physical gold to the buyer at the contract price.

Supply and demand determine gold spot prices and gold futures prices. Factors that influence the supply and demand of gold include:

1. Geopolitical events

2. Central Bank Buying Trends

3. Inflation

4. Interest rate

5. Mining production

Learn more: Who decides the value of gold? How prices are determined.

Whether you’ve been tracking the price of gold for the last month or last year, the gold price chart below shows the steady rise in the value of the precious metal.