Gold futures opened at $4,069.20 per ounce, down 0.3% from Friday’s close. The price has stayed below $4,100 since Nov. 19. Traders predict a 73.5% chance the Fed will lower rates in December. Interest rates impact gold demand, as it competes with yield-bearing assets. The Fed meets on Dec. 9 and 10.

The opening gold futures price on Monday was down 0.3% from Friday. One week ago: 0%, One month ago: -1.2%, One year ago: +51.4%. On Nov. 14, gold had a one-year gain of 63.4%. The spot price of gold is the current market price per ounce for physical gold.

Gold futures are contracts for a future gold transaction at a specific price. They are more liquid than physical gold and settle either financially or via delivery. Factors affecting gold prices include geopolitical events, central bank buying trends, inflation, interest rates, and mining production. The price of gold has shown a steady upward climb in value.

Read more at Yahoo Finance: Gold holds below $4,100 despite rising hopes for rate reduction