Gold sinks following U.S. strikes on Iran
Gold (GC=F) December futures opened at $4,483.20 per troy ounce on Monday, August 31, 2026, down 1.0% from Friday’s closing price. The price of gold is rising this morning at $4,507.20 per troy ounce as of 8:22 a.m. ET.
Renewed military conflict in the Middle East and growing bets that the Fed will soon raise rates are weighing on precious metal prices this morning.
It’s been over a month since the U.S. took military action against Iran, but the U.S. attacks on Iranian rocket launchers marked the first escalation since July, fueling higher oil prices (BZ=F) and inflation concerns, and pushing gold prices lower.
On Friday, Fed Chair Kevin Warsh’s speech at the Fed’s Jackson Hole summit didn’t provide much forward guidance as expected, but it did reiterate the Fed’s close focus on its mandate to keep prices low.
Current price of gold
The opening price of gold futures on Monday, August 31, 2026, was down 1% from Friday’s closing price. Here’s a look at how the opening gold price has changed versus last week, month, and year:
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One week ago: -3.3%
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One month ago: +9.3%
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One year ago: +30.6%
For context, the one-year gain for gold was 95.6% on Jan. 29.
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Gold prices explained
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
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
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.
Factors that affect gold prices
Supply and demand determine gold spot prices and gold futures prices. Factors that influence gold supply and demand include:
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Geopolitical events
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Central bank buying trends
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Inflation
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Interest rates
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Mining production
Learn more: Who decides what gold is worth? How prices are determined.
Price of gold chart
Whether you’re tracking the price since last month or last year, the price of gold chart below shows the precious metal’s change in value.
