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Gold (GC=F) April futures opened at $5,155.70 per troy ounce on Thursday, up 0.4% from Wednesday’s closing price of $5,134.70. The gold price rose in early trading.

Safe-haven demand appears to be strong as the war in the Middle East continues. The conflict has spread to other nations as targets of retaliatory Iranian strikes. Iran has vowed to escalate these attacks. The White House has said the U.S. is nearly in control of Iranian airspace but hasn’t offered a war timeline beyond President Trump’s original estimate of about four weeks.

An extended conflict could increase gold demand, though inflation is a risk due to higher oil prices. A resurgence of inflation in the U.S. would likely limit interest rate reductions in the short-term. Lingering high interest rates support yields on cash and other income-bearing assets. Those yields are opportunity costs for gold, which does not pay a coupon.

Yahoo Finance video: ​​Gold vs. bitcoin: Why there 'isn't really a comparison' anymore

The opening price of gold futures on Thursday was 0.4% higher 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: -0.4%

One month ago: +2.9%

One year ago: +76.8%

Gold’s one-year gain on Jan. 29 was 95.6%.

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.

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, 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.

Learn more: Gold alternatives? How to invest in silver, platinum, and palladium.

The two primary gold prices investors should know are spot prices and gold futures prices. Learn the difference, the historical price of gold, and the current dynamics.

Learn how to invest in gold by considering gold's strengths, historic behavior, and the pros and cons of physical gold versus gold mining stocks and ETFs.

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A gold IRA is a self-directed IRA designed for gold and other precious metals. Learn the differences between it and traditional IRAs, tax implications, pros and cons, and alternatives.

Gold just hit $5,300 — but selling could cost you. Learn how the IRS taxes physical gold, ETFs, and mining stocks, plus smart strategies to legally reduce your tax bill.

Gold and silver prices have been on a tear, with silver prices increasing by more than 100% year to date. Experts weigh in on what could be causing these record highs.