Gold was flat at $4,023 an ounce, down just 0.02%, after a 3% weekly slide driven by high real yields and fading safe-haven demand, with Wednesday's Fed decision next.
Gold finished essentially unchanged at $4,023.43 an ounce, down 84 cents, or 0.02%. The quiet session follows a rough stretch: gold is down 2.99% over the past week, 5.57% over the past month and 7.88% year to date. It remains well below its 52-week high of $5,405.
Why gold moved
Today's move is a rounding error. The weekly slide is the real story, and the macro data explains only part of it.
On paper, last week should have helped gold. The 10-year real yield (TIPS) slipped to 2.66% from 2.74% a week earlier. The nominal 10-year Treasury yield eased to 5.00% from 5.09%. The broad dollar index edged down to 121.32 from 121.40. Those are mild tailwinds, and gold fell anyway.
The level matters more than the direction. A 2.66% real yield is a steep opportunity cost for an asset that pays nothing. According to MarketScreener, a strong dollar and high yields are weighing on gold's outlook, though central-bank buying is lending support. Inflation expectations are not offering much help either: the 10-year breakeven sits at 2.34%, nearly unchanged from 2.35%.
The safe-haven role has also faltered. According to Admirals, gold failed to attract shelter flows during the recent selloff in AI stocks and fell alongside riskier assets. A Kitco piece asks what could lift gold if not Middle East peace, which suggests the geopolitical premium is no longer doing the heavy lifting. FOREX.com frames the near-term question as whether gold can hold a key support level.
Positioning adds context. As of October 20, CFTC data showed managed money net long 104,206 contracts, down 2,883 on the week. With 120,970 longs against 16,764 shorts, funds are still heavily tilted toward gold. They are trimming, not bailing.
Silver had the worse day, falling 0.83% to $53.83, and it is down 16.23% over the month. The gold-silver ratio stands at 74.7.
What it means for buyers and sellers
Today's melt values per gram: 24K at $129.23, 22K at $118.58, 18K at $97.02, 14K at $75.67 and 10K at $53.94. Most American jewelry is 14K, so check the 14K gold price per gram before you walk into a shop.
If you are selling, remember that these are melt values. Dealers and pawn shops pay below them to cover refining and margin. Weigh your pieces, run the numbers in our gold calculator, and get at least two offers. Our guide on how to sell gold covers the details. Prices are lower than they were a month ago, so sellers with no deadline have no reason to rush.
For coin and bar buyers, the pullback lowers the spot component of your cost, but dealer premiums still apply. Compare the all-in price per ounce, not the advertised spot. For a fuller explanation of the forces at work, see why gold is moving.
What to watch
Wednesday, October 28, 2:00 p.m. ET: The Fed's rate decision and statement. The forecast is 4.00%, unchanged from 4.00%. The effective fed funds rate is running at 3.88%. Chair commentary follows at the 2:30 p.m. press conference, and that is where any shift in tone on real yields will show up.
Thursday, October 29, 8:30 a.m. ET: A crowded morning. Advance Q3 GDP is forecast at 3.2% versus 1.5% previously. Core PCE is expected at 0.3% month over month versus 0.2%. The GDP price index is forecast at 3.3% versus 6.2%, and jobless claims at 198K versus 194K. Hot growth or inflation readings would support higher yields, a headwind for gold.
Friday, October 30, 8:30 a.m. ET: The Employment Cost Index, forecast at 0.8% versus 0.9%.
Prices at publication
| Metal | Spot (USD/oz) | Change |
|---|---|---|
| Gold | $4,023.43 | -0.02% |
| Silver | $53.83 | -0.83% |
| Platinum | $1,521.00 | 0.00% |
| Palladium | $1,034.00 | 0.00% |
Sources
Frequently asked questions
Why is gold flat today?
Gold slipped just $0.84, or 0.02%, to $4,023.43. Markets are waiting on Wednesday's Fed decision after a 2.99% weekly drop driven by high real yields and weak safe-haven demand.
How much is 14K gold worth per gram today?
14K gold's melt value is $75.67 per gram. 18K is $97.02, 10K is $53.94 and 24K is $129.23. Buyers typically pay less than melt value.
What is the next big event for gold this week?
The Fed's rate decision on Wednesday, October 28, at 2:00 p.m. ET. Rates are forecast to hold at 4.00%, and the press conference follows at 2:30 p.m.
Get the gold brief
Gold's move and the reason behind it, in your inbox every US trading morning. Free, two minutes to read, unsubscribe anytime.
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.