Gold price today, Monday, February 23: Gold opens above $5,100 after tariff ruling
Gold (GC=F) April futures opened at $5,128.80 per troy ounce on Monday, 0.9% higher than Friday’s closing price of $5,080.90. This was gold’s first open over $5,100 since Jan. 30.
Gold’s latest move over $5,100 follows a Supreme Court ruling that President Trump’s blanket tariffs are illegal. President Trump had initiated the tariffs without congressional approval using the International Emergency Economic Powers Act (IEEPA), and the court ruled “that IEEPA does not authorize the President to impose tariffs.” On Friday, President Trump signed an executive order imposing a 10% global tariff under the Trade Act of 1974. On Saturday, he raised the tariff to 15%. The Trade Act of 1974 allows the president to impose a temporary tariff, but Congress must approve an extension beyond 150 days.
Tariff uncertainty, along with ongoing tensions between the U.S. and Iran, support higher demand for gold.
Current price of gold
The opening price of gold futures on Monday rose 0.9% from Friday’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: +3.5%
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One month ago: +3.6%
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One year ago: +74.5%
The one-year gain for gold 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.
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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.
The spot price is lower than what you’d pay to buy gold coins, bullion, or jewelry, since your total price will include a markup called the gold premium that covers refining, marketing, dealer overhead, and profits. The spot price is more like a wholesale price, and the spot price plus the gold premium is the retail price.
Learn more: Thinking of buying gold? Here's what investors should watch for.
Gold futures
Gold futures are contracts that mandate a gold transaction at a specific price on a future date. These contracts are exchange-traded and more liquid than physical gold. They settle on the contract expiration date or earlier, either financially or via delivery. A financial cash settlement involves paying the contract’s profit or loss in cash. Delivery means the seller sends physical gold to the buyer for the contracted price.
Factors that affect gold prices
Supply and demand determine gold spot prices and gold futures prices. Factors that influence gold supply and demand include:
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Geopolitical events
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Central bank buying trends
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Inflation
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Interest rates
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Mining production
Learn more: Who decides what gold is worth? How prices are determined.
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 steady upward climb in value.
Learn more: Gold alternatives? How to invest in silver, platinum, and palladium.
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