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Gold (GC=F) June futures opened at $4,713.10 per troy ounce on Monday, 0.6% lower than Friday’s closing price of $4,740.90. Gold continued within a narrow range in early trading, moving to $4,719.40 by 6:30 a.m. ET.

Silver (SI=F) May futures opened at $75.50 per ounce on Monday, 1.2% lower than Friday’s closing price of $76.41. The price of silver was little changed in early trading, edging up to $75.63 by 6:30 a.m. ET.

The prices of gold and silver have been holding steady since Friday, as investors adopt a wait-and-see approach to the conflict in the Middle East. A report over the weekend that Iran sent a fresh proposal to Washington has renewed optimism that the Strait of Hormuz can soon reopen and supply chains can be restored.

Yet, with a U.S. naval blockade still in place, Iran continuing to restrict access to the Strait of Hormuz, and delegates from the U.S. and Iran still not meeting face-to-face, it will be another week of touch-and-go optimism.

The Fed will conclude a policy-setting meeting later this week, with the vast majority of market observers expecting the Fed to leave rates unchanged. We’ll be paying extra close attention to the Fed’s comments following their meeting to get a sense of whether rates may rise later this year to combat rising inflation set off by the war in Iran.

Rising interest rates tend to put downward pressure on gold prices.

The opening price of gold futures on Monday was 0.6% lower than Friday’s close. Here’s a look at how the opening gold price has changed versus last week, month, and year:

One week ago: -1.7%

One month ago: +4.9%

One year ago: +40.5%

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.

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 Monday was down 1.2% from Friday’s close. Here’s how the opening silver price has changed versus last week, month, and year: 

One week ago: -5.1%

One month ago: +11.8%

One year ago: +128.9%

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

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 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 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.

Supply and demand determine gold spot prices and gold futures prices. Factors that influence gold supply and demand include:

Geopolitical events

Central bank buying trends

Inflation

Interest rates

Mining production

Learn more: Who decides what gold is worth? How prices are determined.

Whether you’re tracking the price of gold and silver since last month or last year, the price of gold and silver charts below show the precious metals’ change in value.

More silver coverage from the Yahoo Finance team: 

Silver price volatility: What to know and how to invest in 2026

Silver vs. gold: Which metal made investors more money in the last 50 years?

​​Gold alternatives? How to invest in silver, platinum, and palladium.

Why is silver outperforming gold? What to know before you invest.

3 predictions about silver prices in the next decade

How to invest in silver in 5 steps

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.

Silver prices have more than tripled over the past year despite their recent sell-off. Here’s what you should know about the metal before you invest.

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.

Gold prices have skyrocketed in recent years, but how high can they go next? Here are the boldest predictions for how gold will perform.

How high will gold go in 2026? See live gold prices, expert predictions about gold performance, and learn whether gold will reach $6,000.

Both gold and silver have surged over the past 50 years, but which precious metals delivered the higher returns? Here's how these investments compare.