Gold prices today, Monday, September 28, 2026: Gold prices slump as Iran tensions and oil prices rise
Gold (GC=F) December futures opened at $4,275.20 per troy ounce on Monday, September 28, 2026, down 1.1% from Friday’s closing price. Gold is moving lower this morning to $4,188.90 per troy ounce as of 6:57 a.m. ET.
Gold prices opened at their lowest level since August 5 this morning as tensions between the U.S. and Iran return and push oil prices higher again.
President Trump rejected Iran’s 7-day plan to reopen the Strait of Hormuz and end the conflict, but the president told Axios both sides would return to the negotiating table this week.
Currently, the CME Group predicts more than a 70% chance the Fed will raise rates again in October to battle rising prices. A stronger dollar, rising bond yields, and rising expectations for another increase to the federal funds rate are all pressuring gold prices lower to start the week.
Current price of gold
Gold futures opened down 1.1% on Monday, September 28, 2026, from Friday’s close. 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: -3.1%
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One month ago: -8.2%
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One year ago: +13.1%
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.