Gold price today, Monday, November 17: Gold opens below $4,100 as optimism for rate reduction fades

Core Viewpoint - Gold prices are experiencing a decline amid uncertainty regarding the Federal Reserve's interest rate decisions, with a significant reduction in the probability of a rate cut in December compared to a month ago [1][2]. Group 1: Current Gold Prices - Gold futures opened at $4,084.40 per ounce, down 0.2% from the previous close of $4,094.20 [1]. - The one-year gain for gold was reported at 63.4% as of last Friday [4]. - The price of gold has changed as follows: +0.6% week-over-week, -6.2% month-over-month, and +59.2% year-over-year [9]. Group 2: Economic Context - Inflation remains above the Fed's 2% target, while employment data indicates a weakening labor market, complicating the Fed's decision-making process [2]. - Analysts currently estimate a 44.6% chance of a quarter-point rate reduction in December, a significant drop from 93.7% a month ago [2]. Group 3: Factors Influencing Gold Prices - Lingering high interest rates can suppress gold demand, as gold does not yield interest [3]. - Key factors affecting gold prices include geopolitical events, central bank buying trends, inflation, interest rates, and mining production [13].