Gold Hovers Near $4,000 as Bargain Hunters Crowd In: Fed-Week Math for Jewelry Sellers and Buyers

Gold started the week a few dollars above $4,000 an ounce after its worst week since June, and the price drop brought crowds of bargain hunters into one of China’s largest jewelry markets over the weekend. With a Federal Reserve decision on Wednesday and fresh inflation data on Thursday, here is where gold, silver and platinum stand, and what the next few days could mean for anyone weighing a jewelry sale or purchase.

Where prices stand Monday

• Gold: about $4,010 an ounce early Monday, up roughly 0.4 percent, after closing below $4,000 on Friday for the first time since mid-July, according to Reuters data cited by FinanceFeeds. December futures traded near $4,023.
• Silver: about $54 an ounce, according to Fortune and FinanceFeeds. Fortune’s figures show silver down nearly 16 percent from a month earlier, though still up about 14 percent from a year ago.
• Platinum: roughly $1,551 an ounce and little changed, per FinanceFeeds.

Last week’s slide was sharp. Investing.com reported gold on track for a weekly decline of roughly 3.7 to 3.8 percent as of Thursday, and FinanceFeeds put the full-week drop at about 4 percent, the steepest since June. For perspective, gold traded above $5,400 in January, according to Berenberg as reported by the Seoul Economic Daily, so the metal is now well over 20 percent below its peak.

Why gold fell

The main pressure came from oil and interest rates. Brent crude touched about $116 a barrel last week, its highest since May, according to Investing.com, which revived inflation worries and strengthened expectations that the Fed will raise rates again. Higher rates make gold, which pays no interest, less attractive to hold. ING analysts noted the market seemed more focused on oil and inflation than on gold’s usual role as a haven.

Markets broadly expect the Fed to hold rates at Wednesday’s meeting, with attention on what officials signal about December; CME FedWatch put the odds of a December hike near 75 percent, FinanceFeeds reported. The personal consumption expenditures inflation report and the first estimate of third-quarter GDP follow on Thursday morning.

The buyers showed up

Lower prices pulled shoppers off the sidelines. BusinessToday reported that aisles at the Shuibei gold and jewelry market in Shenzhen were so packed over the weekend that shoppers could barely move, after several major jewelry brands cut their quoted prices by 6 to 12 yuan per gram on Oct. 24. Retail jewelry prices there had fallen about 100 yuan per gram over the previous month. The same report cautioned that crowded aisles do not always mean completed sales, since many visitors compare prices or wait for further drops.

Official buyers have stayed active too. Central banks bought an average of 91 tons a month over the past three months, according to the Seoul Economic Daily, which also noted Goldman Sachs has kept a $5,400 target for the end of 2027.

The Lumo Take

Lumo sees this as a market where timing matters less than preparation. A $4,000 gold price is still historically high, even after the pullback, which means old or broken jewelry remains worth more today than it was in almost any year before 2025. Sellers who wait for a return to January’s highs are making a bet on the Fed, oil and geopolitics, not a sure thing; sellers who rush on a down day risk accepting an offer based on a weak quote. The middle path is to know your melt value, collect more than one offer, and decide on your own schedule.

For buyers, the Shenzhen crowds are a reminder that dips draw demand quickly. A retail jewelry price includes design, labor and retailer margin well above the metal content, so a lower spot price does not translate dollar for dollar into a cheaper ring. Comparing the quoted price per gram against melt value shows how much of a purchase is metal and how much is markup. As a marketplace and price aggregator, Lumo does not buy gold; it helps people compare.

What it means for you

• Selling: calculate melt value first using the calculator below, then compare written offers from at least two or three buyers. Ask each buyer which spot price and purity they are using.
• Buying: ask for the gold weight and karat, and compare the price per gram to melt value to see the markup.
• Watch Wednesday and Thursday: the Fed statement and Thursday’s inflation data could move prices quickly in either direction.
• Silver and platinum: silver’s monthly drop has been steeper than gold’s, so sterling sellers should expect lower offers than in September.
• Want the wider market picture? Bosstox covers stocks and markets daily.

This article is for general information and is not investment advice. Prices move continuously; check a live quote before any transaction.