Gold price update for Monday, February 9: Gold starts the day trading above $5,000

Gold Futures Market Update

On Monday, gold futures began trading at $5,020.10 per troy ounce, reflecting a 0.8% increase from Friday’s closing value of $4,979.80. Although the price eased slightly during the initial trading hours, it stayed above the $5,000 mark.

Recent Gold Market Trends

Gold experienced significant price swings last week, fluctuating between $4,400 and $5,082.20 per ounce. A recent report highlighted that China’s central bank continued its gold acquisitions in January, marking the fifteenth month in a row of sustained purchases. This robust central bank demand has been a major driver behind gold’s strong performance in 2025. Additional factors supporting gold’s rise include a softer U.S. dollar, uncertainty about the Federal Reserve’s independence, and expectations for lower interest rates.

U.S. Dollar and Federal Reserve Developments

So far in 2026, the U.S. Dollar Index has declined by more than 1%. However, concerns about the Fed’s autonomy and future rate decisions have eased somewhat following Donald Trump’s nomination of Kevin Warsh as the next Federal Reserve chair.

Efforts to influence the Fed and reduce interest rates can make gold more appealing, as a weaker dollar diminishes its reliability and yield, encouraging investors to turn to gold.

Current Gold Price Overview

Monday’s opening price for gold futures was up 0.8% from the previous session’s close. Here’s how the opening price compares over different timeframes:

• Compared to one week ago: +4.4%
• Compared to one month ago: +12.2%
• Compared to one year ago: +75.5%

On January 29, gold’s annual gain reached 95.6%.

Understanding Gold Prices

Gold is traded in several forms, resulting in different quoted prices. The two primary prices investors should be aware of are the spot price and the futures price.

The Spot Price

The spot price represents the current market value per ounce for physical gold, often referred to as spot gold. Exchange-traded funds (ETFs) backed by physical gold typically mirror the spot price.

When purchasing gold coins, bullion, or jewelry, buyers pay more than the spot price due to an added premium. This premium covers costs such as refining, marketing, dealer expenses, and profit margins. Essentially, the spot price serves as a wholesale benchmark, while the retail price includes this additional markup.

Gold Futures

Gold futures are standardized contracts that obligate the buyer and seller to transact gold at a predetermined price on a future date. Traded on exchanges, these contracts are generally more liquid than physical gold. Settlement occurs either financially—by paying the profit or loss in cash—or through the physical delivery of gold at contract expiration.

Key Influences on Gold Prices

Gold’s spot and futures prices are shaped by supply and demand dynamics. Several factors can impact these forces, including:

1. Global political events
2. Central bank purchasing patterns
3. Inflation rates
4. Interest rate changes
5. Mining output

Gold Price Chart

Whether you’re reviewing gold’s performance over the past month or year, the chart below illustrates the metal’s consistent upward trend in value.