Gold heads for steep weekly loss as oil prices fuel Fed rate concerns

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GOLD 142,082.00

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SENSEX 73,413.53

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NIFTY 22,681.95

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NIFTY 22,681.95

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CRUDEOIL 9,525.00

+ 41.00

CRUDEOIL 9,525.00

+ 41.00

GOLD 142,082.00

 -1,227.00

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Spot gold eased 0.2% ‌to $4,016.27 per ounce by 0351 GMT, paring losses slightly after touching its lowest level since July 20 earlier ‌in the session

By Reuters

Updated - October 23, 2026 at 09:57 AM. Highlights

• Spot gold hits lowest level since July
• Silver, platinum and palladium head for weekly declines
• HSBC cuts ​its average 2026 platinum and palladium price forecasts

Gold eased on ​Friday, headed for its steepest weekly decline in over ⁠four months as elevated oil prices bolstered higher-for-longer interest rate expectations, while investors awaited next week's Federal Reserve policy meet.

Spot gold eased 0.2 per cent ‌to $4,016.27 per ounce by 0351 GMT, paring losses slightly after touching its lowest level since July 20 earlier ‌in the session. The metal has fallen 3.5 per cent so ‌far ⁠this week, which is poised to be its ⁠worst since June.

US gold futures for December delivery dropped 0.7 per cent to $4,030.40.

Speculators are trying to defend the key $4,000 level for gold because a clean break below ​would signal that the market has ‌stopped pricing rate relief and started pricing sticky inflation, elevated yields, and a stronger dollar, said Monte Safieddine, head of market research at Capital.com.

Oil prices rose about 4 per cent to ‌a five-month high on Thursday after Houthi attacks on ​Saudi Arabia stoked concerns of further disruption to energy supplies.

Elevated energy prices bolster expectations of higher-for-longer interest ⁠rates by the Fed, increasing the opportunity cost of holding non-yielding bullion.

"Any further escalation on the geopolitical front risks pushing oil even ‌higher. Higher oil is reviving inflation fears, lifting yields, and delaying Fed easing. That is a difficult cocktail for bullion," Safieddine added.

Focus has turned to the Fed's October 27-28 policy meeting and next week's Personal Consumption Expenditures (PCE) data, a closely watched gauge as it is the central bank's preferred inflation measure ‌as it targets a 2 per cent inflation rate.

Traders are largely expecting the ​central bank to leave interest rates unchanged next week, but expectations for an interest rate hike in December ⁠remain at 80 per cent.

Meanwhile, analysts at HSBC cut their average 2026 ⁠platinum and palladium price forecasts in a research note on Thursday, citing shifting market fundamentals and investor liquidation.

Among other ‌metals, spot silver slid 1 per cent to $53.98 per ounce, platinum fell 0.1 per cent to $1,568.58 and palladium steadied at $1,054.50.

All three metals were ​headed for weekly declines.

Published on October 23, 2026

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