Gold was trading at $4,630 per ounce at 9:10 a.m. Eastern Time, down $44 from the same time yesterday and more than $1,266 above its year-earlier level. The price was $4,674 yesterday, $4,057 a month ago and $3,364 a year ago, representing changes of -0.94%, +14.12% and +37.63%, respectively. Gold can diversify portfolios and act as an inflation hedge, although stocks historically produced higher average annual returns from 1971 to 2024, at 10.7% compared with gold’s 7.9%. Investors can gain exposure through physical bullion, coins, jewelry, futures, mutual funds, ETFs and a gold IRA. Spot gold is the price for immediate over-the-counter settlement, while contango and backwardation describe futures prices above or below spot. Gold trading spreads measure the gap between bid and ask prices, with narrower spreads generally indicating greater liquidity. As of 9:10 a.m. ET, silver was $68 per ounce, platinum was $1,836 and palladium was $1,319. Gold prices have risen more than 25% since early 2025, driven by inflation and uncertainty, but gold is not guaranteed to outperform in every economic environment.