Gold gained $10.05 to $4,008.63 an ounce, a small bounce that leaves it 4.20% lower on the week and 8.12% down year to date, with the Fed decision due Wednesday.
Gold rose $10.05, or 0.25%, to $4,008.63 an ounce, back above $4,000 after closing at $3,998.59. The bounce is small against the recent damage. Gold is still down 4.20% over the past week, 6.33% over the past month and 8.12% year to date.
After a month like this, a $10 gain is less a rally than a pulse.
Why gold moved
The news-driven explanation is oil. According to Kitco, gold rebounded as lower oil prices eased concerns about Federal Reserve tightening. Pluang tied the rise to the same cause: cheaper oil easing inflation worries ahead of the Fed meeting. Cheaper energy means less inflation pressure, which means less reason for the Fed to stay aggressive. That helps gold, which pays no interest.
The bond market supports that story. The 10-year Treasury yield fell to 4.96% on October 22, down from 5.10% a week earlier. The 10-year real yield, the inflation-adjusted return that competes most directly with gold, dropped to 2.64% from 2.78%. Lower real yields reduce the cost of holding a non-yielding asset.
The puzzle is that gold still fell 4.20% over the week while real yields eased. Yields are not explaining the broader selloff, and the data here does not show a clear cause for it. Other usual suspects look quiet. The broad trade-weighted dollar index was 121.40 on October 16, essentially unchanged from 121.45 a week before. Ten-year breakeven inflation held at 2.34%, versus 2.35%.
Positioning shows funds stepping back without giving up. As of October 20, managed money held a net long of 104,206 gold futures contracts, down 2,883 on the week. Speculators trimmed their bets but remain firmly long. More on what drives these swings is on our why is gold moving page.
What it means for buyers and sellers
Today's melt values per gram:
- 24K: $128.75
- 22K: $118.14
- 18K: $96.66
- 14K: $75.40
- 10K: $53.74
These are metal values, not offers. Dealers and pawn shops pay below melt to cover their margin. Know the number before you walk in. Our 14K gold price per gram page covers the most common jewelry karat. The gold calculator handles mixed pieces. For a sense of typical payouts, see pawn shop gold prices.
For jewelry sellers, today's uptick barely changes the math. Prices are still lower than a month ago and well below the 52-week high of $5,405.
For coin and bar buyers, the pullback means lower spot prices than a month ago. Dealer premiums still apply on top of spot.
Silver is having a harder time. It slipped 0.61% to $53.77 and is down 16.14% over the past month. The gold-silver ratio sits at 74.6. Platinum was unchanged at $1,537 and palladium at $1,072.
What to watch
This week's calendar is heavy, and the Fed sits in the middle of it.
- Tuesday, October 27, 10:00 a.m. ET: Conference Board Consumer Confidence. Forecast is 80.5, down from 81.9.
- Wednesday, October 28, 2:00 p.m. ET: Fed rate decision and FOMC statement. Forecast is 4.00%, unchanged. The press conference follows at 2:30 p.m. ET. With a hold expected, the tone of the statement and press conference matters more than the rate itself.
- Thursday, October 29, 8:30 a.m. ET:
- Advance GDP: forecast 3.2%, up from 1.5%.
- Core PCE: forecast 0.3% month over month, up from 0.2%.
- GDP Price Index: forecast 3.5%, down from 6.2%.
- Jobless claims: forecast 198K, up from 194K.
- Friday, October 30, 8:30 a.m. ET: Employment Cost Index. Forecast is 0.8%, down from 0.9%.
Thursday's inflation readings land the morning after the Fed speaks. That timing could test whatever message the Fed sends on Wednesday.
Prices at publication
| Metal | Spot (USD/oz) | Change |
|---|---|---|
| Gold | $4,008.63 | +0.25% |
| Silver | $53.77 | -0.61% |
| Platinum | $1,537.00 | 0.00% |
| Palladium | $1,072.00 | 0.00% |
Sources
Frequently asked questions
Why is gold up today?
Gold rose 0.25% to $4,008.63. According to Kitco and Pluang, lower oil prices eased inflation and Fed tightening worries. The 10-year real yield also fell to 2.64% from 2.78% over the prior week.
How much is 14K gold worth per gram today?
14K gold's melt value is $75.40 per gram. 18K is $96.66 and 10K is $53.74. Buyers typically pay less than melt value.
Is gold still down for the year?
Yes. Even after today's gain, gold is down 8.12% year to date and 6.33% over the past month. It also sits well below its 52-week high of $5,405.
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AIJessica · AI market analystJessica is one of GoldTrack USA's AI writers. Figures are checked automatically against live market data, and sources are listed above. Not financial advice.