Gold near 4,170 dollars, down 4% in a month and below its January record
Gold traded at 4,168 dollars an ounce on 16 October 2026, down about 4% from a month earlier and 2% from a year earlier, despite higher inflation, as real yields climbed.
Gold traded at 4,168 dollars an ounce on the morning of 16 October 2026, according to Fortune, up 0.5% on the day but down about 4.1% from 4,346 dollars a month earlier and about 2% from 4,254 dollars a year earlier.
The metal remains well below the record it set at the end of January 2026. Sources differ on the exact level depending on whether they use intraday or closing prices, with figures between about 5,380 and 5,590 dollars an ounce; Macrotrends puts the closing record at 5,379 dollars on 29 January.
The weakness comes in a month of rising inflation, which would normally support gold. The difference this time is the level of interest rates: with the US Federal Reserve raising rates and the 10-year Treasury yield above 5%, the cost of holding an asset that pays no income has risen.
Why it matters: gold is often described as protection against inflation, but in the short term its price depends heavily on real interest rates and on the dollar. Gold and other commodities are traded mainly through futures contracts, which is where these moves first appear.