Gold eases as investors await Fed signals on rate path

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The Economic Times daily newspaper is available online now. Read Today's Paper Gold eases as investors await Fed signals on rate pathReutersLast Updated: Oct 22, 2026, 07:29:00 AM ISTSynopsis

Gold prices saw a decline as investors shift attention to the looming Federal Reserve policy meeting regarding interest rates. Spot gold prices dipped to $4,115.50 per ounce, with US gold futures for December slipping to $4,132.30. Analysts anticipate potential rate hikes in the coming months, particularly in December, where the likelihood stands at 90%. Other precious metals like silver and platinum also noted price drops.

Gold slipped in early Asian trade on Thursday as market participants looked ahead to next week's Federal Reserve policy meeting for guidance on the trajectory of interest rates.

Fundamentals

Spot gold fell 0.6% to $4,115.50 per ounce by 0040 GMT, after hitting its lowest since October 15 at $4,104.33 on Wednesday. US gold futures for December delivery dropped 0.4% to $4,132.30.

Two people were killed after Saudi air defences intercepted a drone that was attempting to hit a facility at Saudi Aramco's Shaybah oilfield on Wednesday, the energy ministry said.

The US State Department has ordered some diplomats and family members to depart from its missions in Saudi Arabia and plans to withdraw family members from a number of other US missions in the region, US officials told Reuters.

The Fed will skip raising interest rates this month and deliver a hike in December, according to nearly all economists polled by Reuters, as policymakers signal patience even as stubborn inflation argues for a tougher response.

Live Events

Market focus is on the Fed's October 27-28 policy meeting and next week's Personal Consumption Expenditures (PCE) data, a key gauge closely watched by the central bank as it targets a 2% inflation rate.

Traders see just a 16% chance of a rate hike next week but are pricing in a 90% likelihood of an increase in December, according to CME's FedWatch Tool.

Higher interest rates typically weigh on gold prices because they increase the opportunity cost of holding bullion, which does not pay interest.

The euro zone economy has weathered this year's energy shock better than expected, with lower dependence on fossil fuels, stronger fiscal support and an AI investment boom helping sustain growth, European Central Bank economists said on Wednesday.

Among other metals, spot silver lost 1.1% to $57.33 per ounce, platinum slid 1.1% to $1,609.95 and palladium fell 0.8% to $1,078.52.

Data/Events (Gmt)

0645 France Business Climate Mfg, Overall, October

1000 UK CBI Business Optimism Q4

1230 US Initial Jobless Clm, 17 October, w/e

1400 EU Consumer Confid. Flash, October
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