Gold prices today, Monday, August 31, 2026: Gold sinks following U.S. strikes on Iran

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Gold ( GC=F ) December futures opened at $4,483.20 per troy ounce on Monday, August 31, 2026 , down 1.0% from Friday's closing price. The price of gold is rising this morning at $4,507.20 per troy ounce as of 8:22 a.m. ET.

Renewed military conflict in the Middle East and growing bets that the Fed will soon raise rates are weighing on precious metal prices this morning.

It's been over a month since the U.S. took military action against Iran, but the U.S. attacks on Iranian rocket launchers marked the first escalation since July, fueling higher oil prices ( BZ=F ) and inflation concerns, and pushing gold prices lower.

On Friday, Fed Chair Kevin Warsh's speech at the Fed's Jackson Hole summit didn't provide much forward guidance as expected, but it did reiterate the Fed's close focus on its mandate to keep prices low.

The opening price of gold futures on Monday, August 31, 2026 , was down 1% from Friday's closing price. Here's a look at how the opening gold price has changed versus last week, month, and year:

For context, 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.