Gold opens 1.5% higher Monday after US June jobs report misses estimates

By Tim Manni Mon, July 6, 2026 at 5:13 AM PDT | 3 min read

Gold (GC=F) August futures opened at $4,187.50 per troy ounce on Monday, July 6, 2026, up 1.5% from Thursday's closing price of $4,125.70. As of 8:10 a.m. ET, the price of gold had eased to $4,165.80.

Gold prices moved upward following the latest jobs report released last Thursday. Analysts had expected the economy to add well over 100,000 jobs in June, with the unemployment rate remaining at 4.3% for the fourth consecutive month. However, only 57,000 new jobs were added, and the unemployment rate fell to 4.2%.

Monday morning marked gold's best opening since June 18. The U.S. Dollar Index declined after last week's jobs report, lowering the opportunity cost of holding assets such as gold, silver, and crypto, which created room for precious metal prices to rise.

Gold prices have since retreated from their opening level as the dollar regains strength. Limited economic data is expected this week, but analysts will monitor how recent news and events affect the odds of a rate change following the Federal Reserve's meeting later this month. Higher rates would put downward pressure on gold prices.

Current Price of Gold

The opening price of gold futures on Monday, July 6, 2026, was up 1.5% from Friday's closing price. Here is how the opening gold price has changed compared to last week, last month, and last year:

• One week ago: +3.2%
• One month ago: -6.4%
• One year ago: +24.6%

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 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 backed by physical gold assets generally track the gold spot price.

The spot price is lower than what you would pay to buy gold coins, bullion, or jewelry, since your total price includes a markup called the gold premium. This premium covers refining, marketing, dealer overhead, and profits. The spot price is akin to a wholesale price, while the spot price plus the gold premium represents 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 at 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:

1. Geopolitical events
2. Central bank buying trends
3. Inflation
4. Interest rates
5. Mining production

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

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