This week, international gold prices fluctuated wildly. The New York futures gold price once reached a historical high of $2,800 per ounce, then fell back. Short-term funds profited-taking and a decrease in net long positions are the main reasons for the volatility. According to the data from the Commodity Futures Trading Commission (CFTC) in the USA, net long positions have decreased for gold, silver, copper, and other commodities. However, long-term funds are still flowing in, with international gold ETFs seeing a net inflow for 5 consecutive months, and China's gold ETF total holdings have exceeded 100 tons. The outcome of the US election next week is crucial for the gold trend. Ahead of the Federal Reserve's November meeting, the US non-farm payroll employment for October dropped sharply to 12,000. This has almost fully priced in a rate cut by the Federal Reserve in November, especially since the meeting is scheduled after the US election next week. Some analysts suggest that gold may hit new highs with the help of the US election.