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Gold (GC=F) April futures opened at $4,996.20 per troy ounce on Monday, down 1.3% from Friday’s closing price of $5,061.70. The gold price declined in early trading, but moved upward to start the morning.

High oil prices remain in focus for gold traders. Brent crude (BZ=F) surged higher than $100 a barrel over the weekend, as oil shipping remains disrupted in the Middle East. The choke point is the Strait of Hormuz, a vital thoroughfare that has been largely closed to non-Iranian traffic since fighting began. Prior to the war, an estimated 20% of the global oil supply was passing through the waterway. President Trump wants to establish a coalition of allies to escort ships through the passage, but no country has publicly agreed to participate.

High oil prices raise costs for businesses and tighten budgets for consumers. An extended Iran conflict that keeps oil elevated could fuel inflation, limit growth, or both. These outcomes complicate the Fed’s interest-rate strategy at a time when many expected rate reductions this year.

Lingering high interest rates raise yields on cash and fixed-income assets, making gold look less attractive by comparison.

The opening price of gold futures on Monday was 1.3% lower than Friday’s close. Here’s a look at how the opening gold price has changed versus last week, month, and year:

One week ago: -3.1%

One month ago: +0.9%

One year ago: +66.9%

The one-year gain for gold was 95.6% on Jan. 29.

24/7 gold price tracking: Don't forget you can monitor the current price of gold on Yahoo Finance 24 hours a day, seven days a week.

Want to learn more about the current top-performing companies in the gold industry? Explore a list of the top-performing companies in the gold industry using the Yahoo Finance Screener. You can create your own screeners with over 150 different screening criteria.

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 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 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.

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

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

Whether you’re tracking the price of gold since last month or last year, the price-of-gold chart below shows the precious metal’s steady upward climb in value.

Learn more: Gold alternatives? How to invest in silver, platinum, and palladium.

The two primary gold prices investors should know are spot prices and gold futures prices. Learn the difference, the historical price of gold, and the current dynamics.

In the wake of U.S. and Israeli strikes on Iran, gas prices are rising. Here's a breakdown of how international tensions could influence pump prices nationwide.

If you had $1 million in 1900, you could buy 53,000 ounces of gold. Today, that amount would be worth $278 million. See how gold prices have changed over time.

Learn how to invest in gold by considering gold's strengths, historic behavior, and the pros and cons of physical gold versus gold mining stocks and ETFs.

Gold has the same high-level risk as any investment. Would-be gold investors should understand the risks associated with price, speculation, opportunity cost, and fraud.

Can oil from the Strategic Petroleum Reserve spare Americans more pain at the pump? And if so, how much could it reduce gas prices — and for how long?