Gold futures fell significantly after record high as market focuses on FOMC.

Gold futures opened the week moving significantly lower, trading down to $3,990, marking the first time prices moved below $4,000 since October 10th. This represents an almost 9% shift lower from the recent all-time high of $4,381 on October 20th. Prices settled near $3,990, down well over $100 on the session. Volatility, as tracked by the CME Group's CVOL Index, has been tracking the price movement, with volatility moving lower as prices decreased after previously moving higher during the ascent to the all-time high. The market is now focused on the upcoming FOMC meeting on Wednesday, where the Fed is widely expected to cut the benchmark rate by 25 basis points. Additionally, the post-FOMC press conference with the Fed Chair is scheduled. The ongoing government shutdown continues to limit the release of certain economic data, including the CFTC positioning report.