Gold (GC=F) futures opened at $4,211 per troy ounce Thursday, down 0.6% from Wednesday’s closing price of $4,234.50. The price of gold has hovered above $4,200 for a week, after dipping below that threshold in late November.
Private employment hiring declined by 32,000 jobs in November, according to the ADP employment report released Wednesday. Analysts had expected a gain of 40,000 jobs. The report confirmed that labor market weakness, first apparent before the government shutdown, is ongoing. The labor bureau’s initial jobless claims report will provide more insight Thursday.
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Declining labor market data prompted two interest rate cuts earlier this year. The ADP report fuels the argument for another rate reduction when the Fed meets next week, even though inflation remains above the central bank committee’s 2% target. Rate reductions and economic uncertainty benefit the price of gold.
Learn more: Who decides what gold is worth? How gold prices are determined.
The opening price of gold futures on Thursday was 0.6% lower than 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: +5.4%
One year ago: +59.6%
On Nov. 14, gold’s one-year gain was 63.4%.
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.
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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 eligible. For example, gold bullion and 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
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.