Gold (GC=F) futures opened at a record $4,225.10 per ounce on Thursday, up 1.2% from Wednesday’s close of $4,176.90. Gold’s opening price has trended higher for four consecutive days.
On Wednesday, President Trump characterized the recent back-and-forth with China as a trade war. Tensions between the two countries flared when China announced export restrictions on rare earth minerals, which are essential inputs for computer chip manufacturing. The conflict continued with new tariff threats from the U.S. and Chinese sanctions on shipbuilding operations tied to the U.S.
President Trump and Chinese President Xi Jinping are scheduled to meet later this month, ahead of a 90-day tariff pause between the two countries is set to expire. Treasury Secretary Scott Bessent has said the pause could be extended.
Amid the tensions, the price of gold has climbed as investors build their positions in the safe-haven asset.
Learn more: The flip side of gold’s massive year
The opening price of gold futures on Thursday is up 1.2% from Tuesday’s close of $4,176.90 per ounce. Thursday’s opening price is up 5.3% from the opening price of $4,011.20 one week ago on October 9. In the past month, the gold futures price increased 14.8% compared to the opening price of $3,681.40 on September 16. Over the past year, gold is up 58% from the opening price of $2,674 on October 16, 2024.
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.
Learn more: Gold vs. crypto: Which should investors own in debasement trade?
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.
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.
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.