Gold (GC=F) December futures opened at $4,440 per troy ounce on Monday, August 17, 2026, up 0.1% from Friday's closing price, and were holding at $4,440.10 per troy ounce as of 9:06 a.m. ET. The higher open extended a 2.4% weekly gain, with weakness in the U.S. dollar and recent economic data contributing to the move.

The U.S. Dollar Index (DX-Y.NYB) declined 0.2%, though it remains up 1.2% for the year. Because gold is priced in dollars around the world, a softer U.S. currency typically makes the metal cheaper for buyers using other currencies, a dynamic that often moves the dollar and gold in opposite directions.

Weaker retail sales and softer consumer sentiment

Retail sales fell 0.6% in July, according to the U.S. Census Bureau, ending nine consecutive months of increases. Analysts had expected a retail sales gain of 0.1%. The monthly retail sales report is one of the earliest reads on consumer spending, and household spending is the largest component of U.S. economic output, which is why an unexpected decline draws wide attention. The July figure is also an advance estimate that the Census Bureau can revise as more complete data arrives.

Consumer sentiment also pulled back after two months of higher ratings. The University of Michigan's Surveys of Consumers reported an 8% sentiment decline in August. The survey also tracks household inflation expectations, a component Federal Reserve officials have historically cited when assessing the price outlook.

Softer economic data reduces the risk of interest rate increases in the short term, which can support a higher gold price. Gold itself pays no interest or dividends, so when expected returns on interest-bearing assets such as bonds decline, the opportunity cost of holding the metal falls. The balance is tentative, however. Ongoing conflict in the Middle East elevates inflation risk but could prompt safe-haven demand for gold.

The Federal Reserve's rate decisions are guided by its dual mandate of maximum employment and price stability, so upcoming readings on jobs and inflation are typically the next data points markets watch for signals on the direction of rates.

Gold price in context

The opening price of gold futures on Monday, August 17, 2026, was up 0.1% from Friday's closing price. Compared with previous periods:

• One week ago: +2.4%
• One month ago: +11.7%
• One year ago: +32.7%

For context, the one-year gain for gold stood at 95.6% on Jan. 29.

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.

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 buyers would pay for gold coins, bullion, or jewelry, since the total price includes a markup called the gold premium that covers refining, marketing, dealer overhead, and profits. The spot price functions more like a wholesale price, and the spot price plus the gold premium makes up the retail price.

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, while 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:

• Geopolitical events
• Central bank buying trends
• Inflation
• Interest rates
• Mining production

Historical context

Gold's changing valuation over time is striking: $1 million in 1900 could have purchased 53,000 ounces of gold, and that amount would be worth $278 million today.