Gold price today, Monday, October 27: Gold down nearly 6% from last week’s opening

Core Insights - Gold futures opened at $4,103.20 per ounce, marking a 0.4% decline from the previous close of $4,118.40, which is the first decline since summer [1] - The decline follows a week after gold reached record highs, with experts suggesting that gold has been overbought recently [1] - The upcoming Fed meeting is anticipated to result in another reduction of the fed funds rates, which could influence gold prices as easing trade tensions with China may reduce gold's safe-haven demand [2] Current Price of Gold - The opening price of gold futures on Monday is down 5.5% from the opening price of $4,344.10 one week ago [3] - In the past month, gold futures increased by 9.6% compared to the opening price of $3,742.80 on September 25 [3] - Over the past year, gold prices have risen by 50.5% from the opening price of $2,725.50 on October 25, 2024 [3] Gold Prices Explained - The price of gold can be quoted in various forms, primarily as spot prices and gold futures prices [5] - The spot price represents the current market price per ounce for physical gold, while gold futures are contracts for future transactions at a specific price [7] Factors Affecting Gold Prices - Gold prices are influenced by supply and demand dynamics, which are affected by geopolitical events, central bank buying trends, inflation, interest rates, and mining production [8][11]