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Gold (GC=F) June futures opened at $4,744.80 per troy ounce on Thursday, 0.7% lower than Wednesday’s closing price of $4,777.20. The gold price moved up slightly in early trading.

Silver (SI=F) May futures opened at $74.30 per ounce on Thursday, 1.4% lower than Wednesday’s closing price of $75.39. The silver price remained steady in early trading.

Gold's latest surge slowed down on Thursday as questions arose about the status of the Strait of Hormuz. According to President Trump’s announcement, the ceasefire required Iran to a “complete, safe, and immediate” reopening of the Strait of Hormuz. But there may be disagreement on how that reopening takes shape. On Wednesday, an Iranian news agency reported that Iran was not allowing ships through the Strait because Israel had continued to attack Lebanon — a report the White House said was false. Other reports indicate Iran intends to limit crossings and charge a toll — terms that don’t align with the spirit of Trump’s “complete reopening” demand.

An extended war timeline increases the chances for higher oil prices to spark inflation and, in turn, higher borrowing costs. Higher interest rates tend to suppress gold demand and pricing.

The opening price of gold futures on Thursday was 0.7% 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: -0.4%

One month ago: -8%

One year ago: +60%

Gold’s year-over-year growth 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.

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.

The opening price of silver futures on Thursday was down 1.4% from Wednesday’s close. Here’s how the opening silver price has changed versus last week, month, and year: 

One week ago: +0.8%

One month ago: -9.9%

One year ago: +153.2%

Learn more: How to invest in silver: A beginner’s guide

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 value so far this year.

Tim Manni edited this article.

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