Gold price today, Monday, October 13: Gold briefly hits a record $4,099 after China trade tensions escalate

Core Insights - Gold futures opened at $4,018.30 per ounce, reflecting a 1.1% increase from the previous close of $3,975.90, and reached a record high of $4,099.60 in early trading [1][4] Price Movements - The price of gold has shown significant increases: up 2.2% from the opening price of $3,931.30 one week ago, and up 9.9% from $3,655.50 a month ago [4] - Over the past year, gold prices have surged by 52.3% from the opening price of $2,638.30 on October 11, 2024 [4] Market Influences - Trade tensions between the U.S. and China have escalated, contributing to gold's rise above $4,000 per ounce, particularly following President Trump's announcement of a 100% tariff on Chinese imports [2] - Trump's tariff agenda has increased economic uncertainty, supporting gold's historic rise this year [3] Gold Pricing Mechanisms - The spot price of gold is the current market price for physical gold, while gold futures prices are contracts for future transactions at a specific price [6][8] - The spot price is generally lower than retail prices due to additional costs like refining and dealer overhead [7] Factors Affecting Gold Prices - Key factors influencing gold prices include geopolitical events, central bank buying trends, inflation, interest rates, and mining production [9][11]